Help To Buy used by 2,000 in Shropshire

New figures released by the Homes and Communities Agency (HCA) have revealed that a total of 2,092 homebuyers in the county have used the scheme since it was launched four years ago.

Within the county, Telford and Wrekin made the best use of the scheme, with 1,304 people using the scheme. Nearly 80 per cent of those using the scheme have been first-time buyers, with 1,644 homes being bought by first timers in Shropshire using Help to Buy.

The scheme enables anyone, both first-time buyers and existing owners, to put down five per cent as a deposit for their new home and to take advantage of a Government equity loan providing access to more affordable mortgage rates.

Help to Buy allows any home buyer to secure a brand new home under the value of £600,000 with a five per cent deposit.

The Government lends the buyer 20 per cent of the value of the property in the form of an interest-free equity loan for five years, meaning that buyers then need a 75 per cent mortgage.

The news comes after it was revealed that more than 10,000 extra homes are planned for the county by 2036.

Shropshire Council is reviewing its local plan, moving it forward by ten years.

Although almost 19,000 homes are already set to be built in the county, the plan says a further 10,000 will be needed by 2036.

The extra 10,347 houses are mostly planned for the towns in Shropshire, with 30 per cent planned for Shrewsbury, 24.5 per cent planned for the bigger towns such as Market Drayton, and Whitchurch, 18 per cent for smaller towns such as Much Wenlock and Bishop’s Castle, and 27.5 per cent for rural areas.

Green belt land in Shropshire could also be released for development under the new local plan.

The housing growth of 28,000 is equivalent to an average of 1,430 homes being built a year. About 740 acres300 hectares of employment development would also be earmarked under the new plans.

An eight-week public consultation has opened on the plan, which will close on December 22.