Help to Buy was introduced to rejuvenate the housing market but according to a property expert, the scheme has not been as successful in London as in other parts of the UK.
The Government confirmed it has assisted people to buy over 100,000 homes across the country. The data unit for BBC England analysed figures from Department for Communities and Local Government and found that Help to Buy Loans were used to buy nearly 77,000 homes outside of London during the three-year period between April 2013 and 2016.
This translates to 30% of the 356,000 privately build homes built during that period. The take-up rate in London has been a lot less than the rest of England.
In London, nearly 4,500 homes were completed using equity loans, which is the equivalent of 11% of the privately built homes erected during that time.
Fewer than one in every 500 homes has a Help to Buy loan in London, compared to one in 200 in the rest of England.
There was an increase of loans taken out in London since February, when the UK government increased the upper limit for London homebuyers to 40% of the property’s value.
Only 10 equity loans had been applied for in Hammersmith and Fulham, since they were introduced in 2013. Six of those 10 buyers were assisted between June and September 2016, which suggests that the upper limit increase made a difference.