Zoopla has revealed where the most amount of Help to Buy loans have been secured in England since the scheme’s launch in 2013.
By analysing the equity loans secured in every local authority, Zoopla discovered that Britain’s largest, all time Help to Buy hotspot was Wakefield in West Yorkshire, where the average price for a new home is £221,740.
This was followed by Wiltshire, where the average price for a new-build home is £333,760.
County Durham was third in Zoopla’s findings, where new homes had an average value of £196,783.
In the 12 months to the second quarter of 2019, Wakefield continued to be the most popular place for Help to Buy loans, followed closely by Central Bedfordshire.
The borough of Tower Hamlets, where there is an average new-build home price of £588,342, was home to the most Help to Buy loans in London during the period.
This was closely followed by Barnet, where prices averaged at £520,408.
By analysing year-on-year change to the amount of secured Help to Buy loans, Zoopla found that the Borough of Waltham Forest, with an average new-build price of £422,879, had the largest increase in loans at 241.3%.
The local authority of Havant in Hampshire saw the biggest decrease in Help to Buy loans with a decline of 72%.
Zoopla’s report follows the launch of its Help to Buy calculator, which allows first-time buyers to work out how much is required for the 5% deposit.
Buyers can also calculate potential borrowing capacity, estimated monthly mortgage repayments, and the monthly charges they will face after five years when the interest-free period on the equity loan expires.
Alex Rose, director of new homes at Zoopla, said: “Whilst it might be presumed that first-time buyers only use Help to Buy in markets with stretched affordability such as London, our analysis shows that its popularity spans the entire country.
“Without a doubt, the scheme has unlocked home ownership for many first-time buyers across England and, in some instances, has enabled them to access larger properties – in effect skipping that first rung on the property ladder and going straight to the second step.
He added: “In addition, Zoopla’s new calculator enables those who are actively considering using Help to Buy both to understand the process and their own affordability before searching for their ideal home.”