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First time buyers snap up most Help To Buy new-builds

Over 300,000 new-builds in England have been purchased using the government's Help to Buy Equity Loan since its launch in 2013.

Of the 313,043 purchases, most were by first-time buyers - 257,520, or 82 per cent.

Housing Secretary Robert Jenrick says: “Helping people get a foot on the housing ladder is central to the mission of this government. The figures show over 300,000 homes have been sold through our Help to Buy scheme which hugely benefits first time buyers.

“Alongside other measures such as the stamp duty cut and new mortgage guarantee scheme, Help to Buy will continue to help more and more people to have a home that is truly their own.”

Under the scheme - which has been criticised for helping developers as much or more than buyers - the government provides a loan of up to 20 per cent of the purchase price of a qualifying new-build to help buyers who cannot raise the full deposit; in London the loan is up to 40 per cent.

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