Record number of first-time buyers use Help to Buy loans in Brent

A record number of households purchased their first home in Brent through the Government’s Help to Buy equity loan scheme last year, figures reveal.

But housing campaigners claim the scheme is “sticking a plaster” on the failure to build enough homes nationally, while doing nothing to help renters with no savings.

Until March 31, the scheme allowed buyers to borrow up to 20% of the value of a new build home – rising to 40% in London – provided they paid at least a 5% deposit and the home cost no more than £600,000.

Ministry of Housing, Communities and Local Government data shows 249 loans were given to first-time buyers in Brent using the scheme in the year to March – 143 more than the previous year and the highest number since the scheme launched in 2013.

They were among 254 households in the area which benefitted from the scheme, meaning 98% of the loans were handed out to people buying their first home.

The loans amounted to £43.7 million in total – equating to an average of £172,000.