Higher earners in cheaper parts of England - often across the North and Midlands - were the main winners from Help to Buy, according to new analysis published today by the Institute for Fiscal Studies. The think tank found the gains were concentrated among those already closer to affording a home. (ifs.org.uk)

The research looks back to the 2013 launch of two policies: the mortgage guarantee and the equity loan for new builds. England’s equity loan scheme closed to new applications in October 2022 with final completions by March 2023, while the UK-wide mortgage guarantee was made permanent from July 2025. (gov.uk)

Why the skew to higher earners? The IFS says most would-be buyers in the early 2010s were capped by how much they could borrow against income, not by how much deposit they could scrape together. That meant the mortgage guarantee did little for most, whereas the equity loan could lift what better-paid households could afford. (ifs.org.uk)

The regional pattern matters. The study finds the share of homes brought within reach rose less in London and the South East, where prices are far higher and suitable new builds scarcer. In cheaper regions - including much of the North - affordability gains were bigger for those on higher incomes. (ifs.org.uk)

Policy design played a part. In the 2021–23 phase the equity loan carried regional price caps - £186,100 in the North East, £224,400 in the North West and £228,100 in Yorkshire and the Humber - shaping who could buy and where. (gov.uk)

Developers argue Help to Buy underpinned output and jobs. Industry analysis from the Home Builders Federation says the scheme supported around 387,000 purchases, helped double housing supply in the years after 2013 and, at its peak, supported more than 130,000 jobs a year. (hbf.co.uk)

The picture is different across the UK. England’s equity loan is shut; Scotland’s equivalent has also closed. Wales has extended Help to Buy to September 2026, while Northern Ireland never ran a similar equity loan scheme. The mortgage guarantee now operates permanently across the UK. (gov.wales)

Ministers have not promised a new English equity loan, and the Treasury is leaning on the permanent mortgage guarantee to keep 95% deals in the market. The IFS notes industry calls - and rumours - about a re‑run of Help to Buy, but says gains were modest and skewed to higher earners. (gov.uk)

For northern buyers, the takeaway is blunt: income and local prices drive outcomes more than deposit top‑ups alone. Without more homes where demand is strongest, schemes risk shifting the queue rather than shortening it - improving things for some while nudging up prices for others. (ifs.org.uk)

The IFS is presenting its findings at a housing affordability event today (15 April 2026), adding fuel to a debate that will run well beyond Westminster and into council chambers from Carlisle to Hull. (ifs.org.uk)