New figures suggest Sunderland is one of the top help-to-buy hotspots in the United Kingdom for people aiming to get on the housing ladder.
Entering the property market has become an increasingly daunting task for many young people in today’s economic climate.
As a result, many house hunters have looked to help in the form of the Government’s Help-To-Buy scheme and high-interest ISAs to turn the dream of joining the property ladder into a reality.
Through such schemes, buyers can receive an equity loan of up to 20 per cent of the house’s total value, making it possible to purchase a home with just a five per cent deposit.
The required deposit can then be saved with the help of high-interest ISAs.
Credit expert TotallyMoney has used Government data to find Britain’s best and worst districts, cities and regions for using various help-to-buy schemes.
Factors analysed across the country to produce a ranking included the number of equity loans secured in each region, the number of help-to-buy ISA property completions and the average amount left to pay after government help (based on average property prices).
Sunderland was the fifth top location with 670 equity loans granted to first-time buyers between December 2015 and March 2017.
Help-to-buy ISAs also secured 301 homes in the city during the same period with the average cost of these properties reaching £128,170.
Joe Gardiner, head of brand and communications at TotallyMoney, said, “Today entering the property ladder is increasingly being seen as a pipe dream for many young people.
“But with the introduction of government help-to-buy schemes, this dream can become a realistic option.
“For those thinking of utilising these schemes, knowing where in the UK is the most help-to-buy friendly, and whether your local area is one of these hotspots, is of particular importance to allow buyers to make a responsible financial decision.”
Wakefield topped the new list with the Help-To-Buy scheme allowing 610 residents to purchase new homes.
Hull was second with its low average property cost of £134,452 meaning that the five per cent deposit required is the cheapest of any city at just £6,722.
Salford was third with 437 residents successfully purchasing homes thanks to help-to-buy ISAs.