A GOVERNMENT initiative has helped thousands of families in Hampshire get on the housing ladder.

New figures have revealed that scores of prospective home owners across the county have been helped by the Help to Buy scheme.

The figures, revealed by the Homes and Communities Agency, reveal that 2,655 homebuyers in Hampshire have used the scheme since it was launched three years ago.

The largest number of homes bought through the scheme were in the Test Valley, followed by Southampton.

According to the research, nearly 80 per cent of those using the scheme were first-time buyers, with 2,101 homes being bought by that category“first-timers”.

The figures showed that in Test Valley 573 people used the scheme, in Southampton 364 used the scheme, while 221 did in Eastleigh, 150 in Fareham, and 94 in Winchester.

The scheme offers anyone, both first-time buyers and existing owners, to put down a five per cent deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.

Hampshire housebuilder Barratt Homes is now encouraging homebuyers throughout Hampshire to take part in the popular scheme.

Michelle Storer, sales director for Barratt Homes, said: “Hampshire has produced some strong results for the Help to Buy scheme and it is great to see districts such as Southampton and Havant achieving such high figures for the scheme in the county.

“Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”

Help to Buy, launched in George Osborne’s March 2013 Budget, allows any homebuyer to secure a brand new home under the value of £600,000.

The Ggovernment lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years.

That means that buyers then gain access to some of the competitive mortgage rates currently available with just a 75 per cent mortgage.