Help to Buy schemes have varied success

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Nearly 400 homes in Lancashire have been bought through the government’s Help to Buy equity loan scheme, according to the latest figures.

Under the initiative, the government lends up to 20 per cent of the cost of new-build homes, so people only need a five per cent cash deposit and a 75 perc ent mortgage to make up the rest.

A total of 383 homes have been sold in Lancashire in the first 11 months of the scheme.

Chorley has seen the highest number of sales at 106, with South Ribble at 50, and Preston attracting just 15 sales.

Across the country, 28,000 households are buying newly-built homes through the scheme, with 16,465 sales completed so far.

Housing Minister Kris Hopkins said: “Help to Buy was introduced for the benefit of the whole country.

“This government is determined to ensure that anyone who works hard and wants to buy their own home should have the chance to do so.

“So I’m really pleased to see how people are voting with their feet and using the Help to Buy: Equity Loan to get a foothold on the property ladder.

“The scheme has proved itself a valuable alternative to the Bank of Mum and Dad.”

Mr Hopkins added: “Since each home sold is new-build, the Equity Loan is also getting the country building again and creating exciting and rewarding career opportunities for local people.”

The following figures show the number of Help to Buy Equity Loan sales town by town in Lancashire since April 2013:

Blackburn 39; Blackpool 0;Burnley 26; Chorley 106; Fylde 30; Lancaster 26; Pendle 0; Preston 15; Ribble Valley 14; Rossendale 17; South Ribble 50; West Lancs 18; Wyre 28.