Over 150,000 Have Bought Homes Through Help To Buy Says Government

Over 150,000 people have bought homes under the Help to Buy scheme according to the latest figures released by the Government. First-time buyers accounted for 80% of those taking advantage of the scheme with 95% of Help to Buy completions taking place outside of London. The highest number of homes bought through the mortgage guarantee scheme have been in the North West region. Over half of the completions were for new-build homes with an average house price of £188,380. “While the stronger financial system means we expect banks to start to exit our Help to Buy Mortgage Guarantee scheme, the other Help to Buy schemes go from strength to strength,” said Chancellor of the Exchequer George Osborne. Read more on the Housing Excellence website.

First Phase Universal Credit National Roll-Out Announced

Following the roll out of Universal Credit in the north-west of England, the DWP has provided details of the first tranche of national expansion to local authorities and jobcentres. Universal Credit will roll out to new claims from single people, who would otherwise have been eligible for Jobseeker’s Allowance, including those with existing Housing Benefit and Working Tax Credit claims. Details are in a list of the tranche one roll out sites that will begin to deliver Universal Credit between February and April 2015. Download full details from the NLA website.

Universal Credit: New Benefit Rolled Out To Families

The government's flagship welfare reform programme Universal Credit is being extended, with parents able to claim it for the first time. The change will initially apply to parents in parts of north-west England. The credit, which merges six working-age benefits into a single payment, had previously been available only to single people and couples. Read more on the BBC website.

Whither Universal Credit?

In a recent speech, the Secretary of State for Work and Pensions, Ian Duncan-Smith, insisted that UC implementation was proceeding according to the timetable set out in December 2013. However, this timetable is extremely light on detail.  The 10 pathfinder areas currently beginning to accept claims from couples are expected to add new claims from families in the autumn.  Then "once those extensions have been tested, Universal Credit is expected to become available across more areas in the North West of England." No indication is given as when exactly this might happen. "During 2016" the December 2013 statement continues, "current assumptions are that Universal Credit will be widely available across Great Britain and during 2016 and 2017, the majority of all legacy cases will be moved over to the new scheme." However, detailed plans are not currently available and DWP and HMRC continue work on their schedules to widen the delivery of Universal Credit up to the end of 2017.  Read more on the ARCH website.

1.1 Million Families Now Renting Privately

According to Shelter's analysis of the latest English Housing Survey stats, 1.1 million families are now renting their homes from a private landlord, nearly double the amount there were five years ago.  The Residential Landlords Association (RLA) has welcomed the stats finding that private and social rented sectors are now equal in size. Shelter's analysis of the stats reveal that:

•The East Midlands saw the fastest growth in private renting between 2008 and 2011, with a 44% increase in the number of households renting, closely followed by the North West with a 43% rise. London saw a further growth in private renting, finally reaching the milestone of 1 in 4 households now renting from a landlord.

•Almost a third of first-time-buyers are now aged over 35.

•Amongst owner occupier households, weekly mortgage payments were, on average, 19% of their gross weekly income.  For private renters, weekly rent payments were on average 43% of their gross weekly income.

Read more on 24dash.