720 Crawley families get on the housing ladder with stamp duty cut, says MP

Henry Smith MP
Henry Smith MP

Crawley MP Henry Smith says new figures show 720 families in Crawley have been able to buy homes thanks to the Government’s Help to Buy schemes.

Through the schemes, more than 400,000 families have gained a foot on the housing ladder since 2010, he said. More than 84 per cent of completions using the Help to Buy ISA are taking place outside of London.

Mr Smith said: “This is fantastic news for more than 700 families in Crawley who have been able to get the security of their own home through the Government’s Help to Buy schemes.

“This action is helping first-time buyers here in Crawley by cutting stamp duty so more young people get the keys to their first home.

“Home ownership need no longer be an unattainable dream as these figures show and it’s proof that the Government’s measures are helping more people to get on the housing ladder and have a safe and secure home.”

Help to Buy has two main schemes:

The equity loan, means buyers only need to raise 5 per cent of a property’s value for a deposit and the Government will stump up a loan of up to 20 per cent of the property’s value which is interest-free for five years. This scheme has helped 535 families in Crawley buy their home.

Another Help to Buy scheme allows future first-time buyers to take out an Individual Savings Account (ISA) which pays out a Government bonus of up to £3,000 towards the cost of a new home. In Crawley the Government have helped 185 families to buy a home, said Mr Smith.

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