Government scheme sells 20 new homes in Brent to first time buyers

Help to Buy: Equity Loan scheme sells 20 new homes in Brent

Help to Buy: Equity Loan scheme sells 20 new homes in Brent - Credit: PA Wire/Press Association Images

A total of 20 new homes in Brent were bought by first time buyers through a government scheme to help people get on the property ladder.

Since its launch 11 months ago the ‘Help to Buy: Equity Loan’ programme has resulted in 1,131 homes across the capital.

The scheme allows people to buy a newly-built home with a five per cent deposit which is combined with a loan of up to 20 per cent of the asking price provided by the government.

The rest is covered by a mortgage.

Kris Hopkins, Housing Minister, said: “I’m really pleased to see how people across London are voting with their feet and using the Help to Buy: Equity Loan to get a foothold on the property ladder.

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“The scheme has proved itself a valuable alternative to the bank of Mum and Dad, and since each home sold is new-build, the Equity Loan is also getting London building again and creating exciting and rewarding career opportunities for local people.”

Havering has the highest number of sales in London from the scheme with 99 sales.

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