Since 2013, over 165,000 North West properties worth a combined £42.23 billion have been sold using the government's Help to Buy scheme, with Lancashire boasting the second-highest rate of equity loan purchases
According to the Ministry of Housing, Communities and Local Authority, some 170,000 homes have been sold in the North West on the scheme - which sees the government lend buyers a low-interest loan towards their deposit - making the North West the second-most popular place for Help to Buy scheme buyers as per research by Fasthomes.org.
While the county of Greater Manchester boasts the most completed Help to Buy equity loan property purchases at 7,280 followed by Cheshire on 6,391, Lancashire on 4,686, Merseyside on 4,101, and Cumbria on 971, when population size is taken into account, the rate at which Help to Buy scheme purchases are used becomes clearer.
Leading the way, Cheshire averages 5.8 purchases per 1,000 people, followed by Lancashire at 3.1, Merseyside with 2.9, Greater Manchester with 2.6, and Cumbria with 1.9, while the data also reveals that a whopping 81% of total purchases were made by first-time buyers.
Although the scheme will 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: Help to Buy has increased the average home price by £8,250.