Purchases of properties using the Help to Buy equity loan scheme dropped 29% quarter-on-quarter following the introduction of a new scheme with tighter eligibility criteria, official statistics have revealed.

Figures published today show there were 10,824 homes bought through the scheme - which offers an equity loan of 20% of the price of a new build home (40% in London) - between 1 April and 30 June. This was 29% down on the figure for the previous quarter and a decrease of 27% for the comparable period in 2019 pre-pandemic.

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