Nigel Evans welcomes more families in Ribble Valley using stamp duty cut and Help to Buy to get a foot on the housing ladder

A total of 586 families in the Ribble Valley have been able to realise their dream of home ownership thanks to various government incentives, new figures out on 30 April 2019 show.

 

Through the government’s Help to Buy schemes, more than 400,000 families have gotten a foot on the housing ladder since 2010.

 

Families across the country are benefiting from the schemes with more than 84 per cent of completions using the Help to Buy ISA taking place outside of London.

 

Help to Buy has two main schemes. One scheme, the equity loan, means buyers only need to raise 5 per cent of a property’s value for a deposit and the government will stump up a loan of up to 20 per cent of the property’s value which is interest-free for five years. This scheme has helped 322 families in the constituency buy their home.

 

Another Help to Buy scheme allows future first-time buyers to take out an Individual Savings Account (ISA) which pays out a government bonus of up to £3,000 towards the cost of a new home. In Ribble Valley the Conservative Government have helped 264 families to buy a home.

 

And in more good news for first-time buyers, 288,300 people have been able to achieve their dream of ownership thanks to our stamp duty reforms, new statistics show. First time buyers have saved £680 million following changes announced by the Chancellor in the Budget 2017. The reforms mean 8 out 10 first time buyers now pay no stamp duty at all – benefiting almost all first-time buyers and providing the security that comes with a home.

 

Commenting, Nigel Evans said:

 

“This is fantastic news for nearly 600 families in my constituency who have been able to get the security of their own home through Help to Buy schemes.

“Home ownership is so important to young people and provides a real platform from which to start building a family and settling down. I am pleased that successive governments recognised the difficulties for young people when trying to secure a house and have created a solid foundation from which they achieve the dream of home ownership.”