North West has had the second highest number of properties sold using Help to Buy equity loan

North West has had the second highest number of properties sold using Help to Buy equity loan

The North West has had the second highest number of property sales made via the Help to Buy equity loan scheme at a total of 23,429; a 33.57% increase since the first quarter of 2013.

Greater Manchester, which includes Rochdale, came out on top with a staggering 7,280 completed property transactions, representing a 331% increase since 2013.

According to the Ministry of Housing, Communities and Local Authority over 169,102 properties were brought with an equity loan since the launch of the governments Help to Buy scheme in 2013.

Whilst the value of these properties sold are estimated to be worth an enormous £42.23 billion.

Moreover 81% of total purchases have been made by first-time buyers, and although it has been announced that the scheme is set to run until 2021, it has been under scrutiny with claims it is enabling people who can afford to buy without the equity loan to climb onto the property ladder with just a 5% deposit; thus driving up property prices as a result.

Homelessness charity Shelter analysed the increased amount of mortgage lending in correlation to the scheme and concluded Help to Buy has increased the average home price by £8,250.