• Contact us
  • About us
  • Digital edition
  • Online archive
Monday, June 2, 2025
Social icon element need JNews Essential plugin to be activated.
Cumberland and Westmorland Herald
  • News
    142178

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    142165

    Free domestic abuse support drop-in service launches in Penrith

    142123

    Penrith bar relaunched with vibrant events planned

    142119

    Penrith Beacon access closed after vandalism

    142011

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    141750

    £15 million luxury care home plans for Penrith

    141382

    Changes to business rates

    141490

    Tesco Express opens doors in Penrith

    141441

    Nursing award for Penrith’s Fay Dudson

  • Sport
    142126

    Penrith teen crowned British vault champion

    141451

    Penrith gymnasts represent North of England in finals

    141095

    New boss revealed for Penrith AFC

    141045

    Penrith Panthers celebrate winning season

    139837

    Darren Edmondson leaves Penrith AFC

    137888

    Lucy plays key role in county T20 triumph

    136783

    Gold for Keith in annual festival of orienteering

    136081

    Cumberland and Westmorland wrestlers head to European championships

    133324

    Kirkby Stephen Hockey Club win league title

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
  • News
    142178

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    142165

    Free domestic abuse support drop-in service launches in Penrith

    142123

    Penrith bar relaunched with vibrant events planned

    142119

    Penrith Beacon access closed after vandalism

    142011

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    141750

    £15 million luxury care home plans for Penrith

    141382

    Changes to business rates

    141490

    Tesco Express opens doors in Penrith

    141441

    Nursing award for Penrith’s Fay Dudson

  • Sport
    142126

    Penrith teen crowned British vault champion

    141451

    Penrith gymnasts represent North of England in finals

    141095

    New boss revealed for Penrith AFC

    141045

    Penrith Panthers celebrate winning season

    139837

    Darren Edmondson leaves Penrith AFC

    137888

    Lucy plays key role in county T20 triumph

    136783

    Gold for Keith in annual festival of orienteering

    136081

    Cumberland and Westmorland wrestlers head to European championships

    133324

    Kirkby Stephen Hockey Club win league title

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
No Result
View All Result
Home Latest

More than a dozen first-time buyers use Help to Buy Loans in Eden

by CWH
27 August 2021
in Latest, Property
A A
Share on FacebookShare on Twitter
Picture: PA

More than a dozen first-time buyers bought a home through the Government’s Help to Buy equity loan scheme in Eden 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 per cent of the value of a new build home – rising to 40 per cent in London – provided they paid at least a five per cent deposit and the home cost no more than £600,000.

Ministry of Housing, Communities and Local Government data shows 15 loans were given to first-time buyers in Eden using the scheme in the year to March – 32 fewer than the previous year.

They were among 20 households in the area which benefitted from the scheme, meaning 75 per cent of the loans were handed out to people buying their first home.

The loans amounted to £1 million in total – equating to an average of £51,200.

Across England, £4 billion-worth of Help to Buy loans were handed out in 2020-21, when more than 55,600 households benefitted from the scheme – a record high.

More than four in five were first-time buyers.

But Priced Out, which campaigns for affordable house prices, said the fact so many people have to borrow money to buy their first home shows a “failure” to control house price inflation.

Anya Martin, director, said: “Prices have risen faster than incomes for decades now, and all because we have failed to meet higher demand with higher supply.

“The Government is not doing enough to ensure more people can buy their first home.

“They hold the levers to stabilise or bring down house prices, but instead of allowing more homes to be built, they keep pumping up the market with more cash.”

Since April 2013, the average purchase price of properties bought with a Help to Buy equity loan nationally has been £277,300, with an average loan of £61,200.

Housing charity Shelter said the Government must focus on doing more for the “huge” number of people across the country who are closer to homelessness than home ownership.

Polly Neate, the charity’s chief executive, said: “Over a million households are anxiously waiting for a social home, but fewer than 7,000 were built last year.

“Expensive home ownership schemes are never going to solve the housing crisis, investing in genuinely affordable social homes actually will.”

Changes to Help to Buy equity loan scheme were brought in from April, meaning it is now only open to first-time buyers, with house price caps set regionally instead of nationally.

Housing Secretary Robert Jenrick said: “Over 55,000 households bought their home with the support of Help to Buy equity loan last year: a record year for the scheme, which is helping young people and first-time buyers feel the sense of pride and achievement that comes with owning your own home.”

He added the Government was doing everything it could to make home buying a “affordable and realistic ambition”, through various schemes, including Help to Buy.

No Result
View All Result
Cumberland and Westmorland Herald Logo

33 Middlegate
Penrith
Cumbria
CA11 7SY

Phone: 01768 862313
Email: news@cwherald.com

Registered in England as Barrnon Media Limited. No: 12475190
VAT registration number: 343486488

Explore

  • News
  • Sport
  • Farming
  • Property
  • Obituaries
  • Nostalgia
  • Your view

Useful links

  • Contact us
  • Photosales
  • Online archive
  • Buy your paper
  • Digital edition
  • North Lakes Living
  • Advertise
  • About us

Follow us on

© Barrnon Media Limited 2020

Terms & Conditions / Privacy Policy / Cookie Policy

This website and its associated newspaper are members of the Independent Press Standards Organisation
IPSO Logo
Review Your Cart
0
Discount
Add Coupon Code
Subtotal
Total Installment Payments
Bundle Discount
Checkout

 
0
No Result
View All Result
  • Home
  • News
  • Sport
  • Obituaries
  • Nostalgia
  • Online archive
  • more
    • North Lakes Living
    • Buy Photos
    • Buy your paper
    • About us
    • Contact us

© 2020 Cumberland & Westmorland Herald