One in three new build properties outside London were bought through a flagship scheme for first-time buyers, but just one in 10 in the capital, analysis by BBC News shows.
The Help to Buy Equity Loan was introduced to boost the housing market.
A property expert said the scheme has had “little success” in London, where in some cases, loans of up to £190,000 have been taken up.
The government said it has helped buy more than 100,000 homes across England.
BBC England’s data unit analysed official figures from the Department for Communities and Local Government. It found:
- Help to Buy loans were used to purchase 76,559 homes outside of London between April 2013 and April 2016. This is equivalent to 30% of the 255,960 privately built new properties completed in that period.
- In London, there were 4,483 completions using equity loans, equivalent to 11% of the 41,480 privately built homes over the same time.
- Taking all households into account fewer than one in every 500 London homes has a Help to Buy loan, compared with one in every 200 elsewhere in England.
- There was a surge in uptake of the loans in Greater London since February, when the government increased the upper limit for new home-buyers in the capital from 20% to 40% of the property’s value.
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In numbers: Help to Buy
worth of equity loans
- £17.7bn total value of properties sold
- £46,301 average equity loan
- £229,608 average purchase price
- 81% were first time buyers