The Help to Buy equity loan scheme no longer works for buyers in many parts of the country due to stricter eligibility criteria, the Home Builders Federation (HBF) has warned.

Official data released last week showed a 29% drop quarter-on-quarter in purchases of properties through the scheme for the three months to 30 June. This followed the introduction of criteria which restricted the scheme to first-time buyers and brought in regional price caps from 1 April.

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