A government review of the Help to Buy scheme has found the programme delivered £25.1 billion in social value while costing £3.6 billion over its lifetime. Launched in 2013 by then-Chancellor George Osborne, the scheme was designed to assist homebuyers struggling to enter the property market by enabling purchases of new-build homes with a minimum 5 percent cash deposit, supplemented by a government equity loan of up to 20 percent outside London and 40 percent within the capital.

The equity loan, repaid in full upon resale, allows the government to share in any increase in the property’s value. Between 2013 and 2023, when the scheme closed, nearly 388,000 loans were issued nationwide. According to the official audit report, the programme’s value encompasses both the direct financial returns and the broader social benefits generated by stimulating housing supply.

The findings underscore the scheme’s effectiveness in supporting homeownership and contributing to housing market growth, prompting renewed discussion about potential government intervention to aid first-time buyers. Despite this, government officials have maintained that there are currently no plans to reinstate Help to Buy. Nevertheless, there is a growing consensus within Whitehall that previous efforts to boost housebuilding have been insufficient.

As the housing affordability crisis persists, the review’s conclusions may influence future policy debates on balancing public investment with market dynamics to encourage homeownership and expand the housing stock.