Zoopla reveals the UK’s Help to Buy hotspots
Wakefield is crowned the England’s Help to Buy hotspot with the most buyers
In London, the Borough of Tower Hamlets saw the most Help to Buy loans
Zoopla launches new Help to Buy calculator shows what payments will be from day one and after five years when interest-free period on equity loan expires
Zoopla, the UK’s most comprehensive property portal has revealed for the first time where in the UK the most Help to Buy loans have been secured since the scheme’s launch in 2013. The data marks the launch of Zoopla’s new Help to Buy calculator, which empowers first-time buyers to understand their affordability for the government scheme.
By analysing the equity loans that have been secured in each local authority Zoopla can reveal that Wakefield in West Yorkshire, where the average house price for a new home stands at £221,740, is England’s biggest Help to Buy hotspot.
In second place is Wiltshire (unitary authority) where the average price for a new-build home is £333,760 with County Durham in third (£196,783 average value).
In the 12 months to Q2 2019, Wakefield continued to be the most popular area for Help to Buy loans, followed in second place by Central Bedfordshire where the average price of a new build home is £389,884. In the same 12-month period, the Borough of Tower Hamlets (average new-build home £588,342) was home to the most Help to Buy loans in London followed by Barnet (£520,408).
Zoopla also analysed the year-on-year change to the amount of Help to Buy loans being secured and found that the Borough of Waltham Forest, where the average price of a new-build is £422,879 was home to the biggest increase (241.3%). Meanwhile the local authority of Havant in Hampshire saw the biggest decrease in Help to Buy loans (-72%), falling from 65 to 18.
Zoopla’s Help to Buy calculator
By entering their household income, preferred mortgage term and interest rate, Zoopla’s Help to Buy calculator allows first-time buyers to work out how much is required for the 5% deposit, as well as their maximum affordability, estimated monthly mortgage repayment, and the monthly charges they will face after five years when the interest-free period on the equity loan expires.
A household with a combined income of £60,000 for example could afford a property of up to £360,000, with £18,000 required for the deposit and an estimated monthly mortgage of £1,066 - rising by £105 when the buyer starts paying back the government loan after five years.
Laura Howard, Consumer Expert 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 in fact spans the entire country.
“With Zoopla’s also recently revealing that Help to Buy has enabled a number of first- time buyers to get onto the ladder with larger, more desirable properties, it is likely that the scheme will remain popular.
With this in mind, 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.”
Most Help to Buy loans (All time)
Rank | Local Authority | Region | Number of equity loans | Average new-build home value |
|---|---|---|---|---|
1 | Wakefield | Yorkshire and The Humber | 2,732 | £221,740 |
2 | Wiltshire UA | South West | 2,725 | £333,760 |
3 | County Durham UA | North East | 2,515 | £196,783 |
4 | Central Bedfordshire UA | East of England | 2,492 | £389,884 |
5 | Leeds | Yorkshire and The Humber | 2,419 | £275,728 |
6 | Milton Keynes UA | South East | 2,177 | £393,167 |
7 | Bedford UA | East of England | 1,935 | £355,924 |
8 | Aylesbury Vale | South East | 1,880 | £436,847 |
9 | Cheshire East UA | North West | 1,830 | £309,377 |
10 | Peterborough UA | East of England | 1,830 | £237,533 |
Most Help to Buy loans (12 months until (and including) Q2 2019)
Rank | Local Authority | Region | Number of equity loans | Average new-build home value |
|---|---|---|---|---|
1 | Wakefield | Yorkshire and The Humber | 571 | £221,740 |
2 | Central Bedfordshire UA | East of England | 556 | £389,884 |
3 | Tower Hamlets | London | 547 | £588,342 |
4 | Wiltshire UA | South West | 533 | £333,760 |
5 | Cheshire East UA | North West | 515 | £309,377 |
6 | Barnet | London | 496 | £520,408 |
7 | County Durham UA | North East | 481 | £196,783 |
8 | Leeds | Yorkshire and The Humber | 479 | £275,728 |
9 | Cheshire West and Chester UA | North West | 442 | £272,121 |
10 | Milton Keynes UA | South East | 437 | £393,167 |
Biggest increase of Help to Buy loans YoY
Rank | Local Authority | Region | Number of equity loans (All time) | % increase YoY | Average new-build home value |
|---|---|---|---|---|---|
1 | Waltham Forest | London | 696 | 241.3% | £422,879 |
2 | Gedling | East Midlands | 214 | 228.6% | £254,193 |
3 | Brentwood | East of England | 240 | 190.5% | £315,945 |
4 | Kingston upon Thames | London | 274 | 152.9% | £582,754 |
5 | Wandsworth | London | 480 | 152.5% | £875,712 |
6 | Bexley | London | 624 | 147.7% | £340,405 |
7 | Rugby | West Midlands | 729 | 147.6% | £335,911 |
8 | Stroud | South West | 366 | 147.4% | £310,239 |
9 | Watford | East of England | 225 | 134.4% | £369,995 |
10 | Braintree | East of England | 498 | 132.1% | £371,086 |
Biggest decrease of Help to Buy loans YoY
Rank | Local Authority | Region | Number of equity loans (All time) | % decrease YoY | Average new-build home value |
|---|---|---|---|---|---|
1 | Havant | South East | 387 | -72.3% | £357,669 |
2 | Richmondshire | Yorkshire and The Humber | 203 | -69.4% | £287,775 |
3 | North Hertfordshire | East of England | 217 | -58.7% | £424,111 |
4 | Redbridge | London | 368 | -57.1% | £387,833 |
5 | Southampton UA | South East | 724 | -51.2% | £199,611 |
6 | Mendip | South West | 462 | -50.4% | £363,205 |
7 | Rochford | East of England | 201 | -48.6% | £411,943 |
8 | Cambridge | East of England | 261 | -48.1% | £631,121 |
9 | North Lincolnshire UA | Yorkshire and The Humber | 405 | -46.8% | £205,186 |
10 | Southend-on-Sea UA | East of England | 273 | -43.9% | £301,693 |
- Ends -
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