A new Institute for Fiscal Studies working paper, published on 15 April 2026, concludes that England’s Help to Buy interventions disproportionately improved options for higher‑income households and made only a modest difference to overall housing affordability or social mobility. The authors estimate gains in maximum affordable prices were largest for those already able to buy and least useful in the most expensive markets. (ifs.org.uk)
The analysis separates the two 2013 policies. The equity loan offered a government‑backed stake of up to 20% on new‑build purchases; the mortgage guarantee supported 95% loan‑to‑value lending by insuring part of a lender’s potential loss. The latter has since been placed on a permanent footing UK‑wide from July 2025, with HM Treasury positioning it to sustain availability of 91–95% LTV mortgages. (ifs.org.uk) (gov.uk)
Scheme status now diverges by nation. In England, Help to Buy: Equity Loan closed to new applications on 31 October 2022, with final legal completions by 31 May 2023. Scotland’s Help to Buy schemes are closed. Wales has extended Help to Buy – Wales to the end of September 2026. Northern Ireland never introduced an equity loan scheme, relying instead on other supports. (gov.uk) (gov.scot) (gov.wales) (committees.parliament.uk)
A central reason for the limited affordability impact, the IFS argues, is that many prospective buyers in the early 2010s were constrained more by income‑based lending caps than by deposit size. The UK’s loan‑to‑income framework still limits high LTI loans (above 4.5× income) to a small share of lending, meaning deposit support does not overcome binding income constraints for many households. (ifs.org.uk) (bankofengland.co.uk)
Because equity loans were restricted to new‑build properties, their usefulness also varied with local supply. The IFS finds that those in London and the South East saw the largest increases in the maximum price they could afford, but much smaller increases in the share of local homes actually within reach, reflecting higher prices and the limited prevalence of eligible new‑builds. (ifs.org.uk)
The scheme’s footprint was nonetheless substantial. In 2014–15, when both policies were active, Help to Buy supported roughly one‑fifth of first‑time buyer purchases in England. Even so, the IFS characterises the overall change in affordability as limited. That assessment echoes earlier scrutiny by the House of Commons Public Accounts Committee, which found the scheme did not make homes more affordable for society in general. (ifs.org.uk) (publications.parliament.uk)
Industry bodies continue to defend the policy. The Home Builders Federation links Help to Buy to a rapid upswing in private housing output post‑2013 and argues it sustained jobs and delivery, citing that supply had roughly doubled by 2018. Supporters also contend the scheme underpinned sales rates that, in turn, financed affordable housing via cross‑subsidy. (hbf.co.uk) (theguardian.com)
On current policy, the Department’s formal evaluation of Help to Buy is still being finalised. Government papers set out that contractor fieldwork and econometric analysis are under way, with publication planned for Spring 2026. In parallel, HM Treasury’s permanent mortgage guarantee scheme now provides the main UK‑wide route to 95% mortgages. (assets.publishing.service.gov.uk) (gov.uk)
Devolved alternatives remain. Scotland’s Low‑cost Initiative for First Time Buyers (LIFT) continues to offer shared‑equity routes such as the Open Market Shared Equity scheme, while Northern Ireland’s government‑backed Co‑Ownership model supports part‑buy, part‑rent purchases. These sit alongside the UK‑wide mortgage guarantee now available through participating lenders. (gov.scot) (co-ownership.org) (gov.uk)
For first‑time buyers and advisers, the practical read‑across is clear. Equity loans for new‑builds are closed in England and Scotland, Help to Buy – Wales runs until September 2026, and 5%‑deposit mortgages are available across the UK subject to lenders’ underwriting and the loan‑to‑income cap. In this environment, income capacity and local price distributions remain the binding factors to monitor. (gov.wales) (bankofengland.co.uk) (ifs.org.uk)