“As our research shows, it’s not just the areas with the highest property values where the need of first-time buyers is at its greatest. Yes, property values are a notable obstacle, but the ability to climb the ladder also centres around additional factors such as stock availability and earning ability”
– Ed Phillips – Lomond
First-time buyers in Bedfordshire, Wiltshire, Milton Keynes, and Wakefield who are most in need of a helping hand up on to the property ladder, having accounted for the largest proportion of Help to Buy home sales of all local authorities.
The findings form part of new research by Lomond who analysed historic Gov data looking at the impact of Help to Buy across the housing market in England, both in its original form between 2013 and 2021 and the latest scheme that ended in 2023, to see just where it helped the most.
Over its decade-long lifespan, Help to Buy helped 387,195 first-time buyers onto the property ladder, allowing them to purchase properties to the tune of £24.7bn.
Regionally, the Help to Buy had the biggest impact in the South East, enabling over 70,000 transactions – 18.2% of the national total. However, it was, of course, the capital where the highest value of Help to Buy transactions took place, with £6.9bn worth of London property sold.
But when it comes to the local authority where Help to Buy made the biggest impact, it is, in fact, Central Bedfordshire where first-time buyers are most likely to be struggling in the scheme’s absence.
5,736 first-time buyers climbed the ladder across Central Bedfordshire thanks to Help to Buy, accounting for 1.5% of total Help to Buy transactions seen across England.
Wiltshire ranks second, where 5,295 Help to Buy transactions took place, accounting for 1,4% of the national total.
Milton Keynes was the third hottest Help to Buy hotspot, accounting for 1.2% of total homes sold via the scheme.
Help to Buy transactions also accounted for one per cent or more of the national total across Wakefield (1.2%), Leeds (1.1%), Cheshire East (1%), County Durham (1%) and Bedford (1%).
See what impact Help to Buy had on your local housing market here.
Lomond CEO, Ed Phillips, commented: “There’s no doubt that Help to Buy had a significant impact in helping hundreds of thousands of first-time buyers onto the property ladder and, now that it has finally finished, many more will continue to struggle with the high cost of getting their first foot on the ladder.
“In fact, with mortgage rates having climbed significantly of late and the higher cost of living also remaining a challenge, first-time buyers could use a helping hand now more than ever.
“As our research shows, it’s not just the areas with the highest property values where the need of first-time buyers is at its greatest. Yes, property values are a notable obstacle, but the ability to climb the ladder also centres around additional factors such as stock availability and earning ability.
“If we don’t address these issues promptly, we could see the next generation of homeowners fail to materialise as they remain resigned to the rental sector through necessity, not choice.”