May 07, 2015
More than half of England's postcode areas are yet to see a single mortgage completion under the Conservative's flagship Help to Buy scheme
It was a scheme developed to help British first time buyers get onto the property ladder, but 2 years after the launch of the Conservative government's flagship Help to Buy initiative, more than half of all English postcode areas are yet to see a single Help to Buy mortgage completion.
A new interactive map compiled by TotallyMoney.com, which uses official statistics from HM Treasury, has revealed that 60% of all English postcodes are still Help to Buy “blackspots”, with zero completions under the scheme.
Worst hit are the more affluent and desirable areas, like NW1, where first time buyers keen to get onto the property ladder remain unable to buy a home in the location of their choice thanks to sky high property prices and the necessity for substantial deposits.
Elsewhere, the picture is less gloomy. The TotallyMoney.com map reveals that Leicester is England's top Help to Buy city, with 892 mortgages completed in the East Midlands city over the past two years of the scheme. MK42 in Bedford, meanwhile, is the country's top Help to Buy postcode, with 309 completions in the area under Help to Buy since the scheme began.
Overall, Help to Buy has seen 52,691 mortgage completions on homes in England (as of February 28th, 2015). Yet in some areas, this moderate success is entirely invisible. A significant 1261 out of 2117 postcode areas have not been touched by the scheme, leaving many aspiring buyers high and dry if they want to stay close to home.
Would you like to learn more about Help to Buy in your area? Perhaps you'd like to find out more about Help to Buy property availability and average house prices across the UK? Explore the TotallyMoney.com interactive Help to Buy map online for instant facts and figures.