New research into the Help to Buy mortgage scheme, which is now 2 years old after first launching in April 2013, has revealed that Leicester is the England’s Help to Buy hotspot.
An interactive heatmap compiled by TotallyMoney.com, using housing market data from the HM Treasury, recorded 892 mortgage completions in the city of Leicester, the highest level of completions through the scheme in the country. Here are a few more key findings:
|Top 10 Regions||Total Completions|
Although the scheme has reached 53% of England’s postcodes, the impact of Help to Buy is being felt across the country.
Official data from the Mortgage Advice Bureau revealed that, in February 2015, the average age of first-time buyers using the Help to Buy scheme was 31, compared to a national average of 37 among house buyers not using the scheme. The average income of those using Help to Buy versus that of non-Help to Buy first-time buyers was also markedly lower.
Commissioned to take a closer look at Help to Buy two years after the launch of the scheme, the brand new map gives a clear overall picture of the scheme’s availability and popularity in England. The map includes all data from both phases of the scheme, incorporating figures from both Help to Buy 1 and 2. Here’s how the two differ:
The revealing interactive heatmap was created by credit comparison experts TotallyMoney.com to explore the reality of Help to Buy two years after the initial phase’s launch. You can explore the map and the scheme yourself on the TotallyMoney.com website.
Type in a postcode to discover the status of Help to Buy in any area of the UK and get of-the-minute facts and figures on:
Alternatively, take a wider view and zoom in on the interactive map to scour the country for Help to Buy hotspots both near and far. Scroll below the map to discover the top Help to Buy postcodes, complete with average asking prices and completion figures.
TotallyMoney.com Help to Buy Map - http://www.totallymoney.com/help-to-buy-map/
Postcode Districts - http://www.afd.co.uk/news/datanews.asp
Equity Loan Completions (1 April 13 to 28 February15 – Latest Data Available) - http://opendatacommunities.org/data/housing-market/help-to-buy/num-loans/loan-type-postcode-dis
Mortgage Guarantee Completions (8 October 13 to 30 June 14 – Latest Data Available) http://opendatacommunities.org/data/housing-market/help-to-buy/num-loans/mortagegaurantees/completed-loans-postcode-dis
Median Property Prices & Number of Properties Available under £500,000 (As of 21 Feb 15) - http://www.home.co.uk
Notes to editors
TotallyMoney.com, launched in 2007, is the UK’s leading credit-focused comparison website which sets out to make it simpler for consumers to compare credit cards, loans and mortgages. With a revolutionary approach to credit comparison, TotallyMoney.com uses exceptional comparison tools to empower people to make better financial choices.