New figures from the Treasury reveal that 78,749 mortgages supported by the Help to Buy mortgage guarantee have been completed since the launch of the scheme.
The Treasury’s quarterly statistics, which include data from 8 October 2013 to 31 March 2016, show that 79% of these mortgages were borrowed by first-time buyers. The figures reveal that the total value of mortgages supported by the scheme is £11.6 billion. Regional analysis shows that the scheme is supporting a higher proportion of mortgages in the north west of England, and in Scotland, and a lower proportion in London.
The mean value of a property bought or remortgaged through the scheme was £156,301, compared to a national average house price of £292,000.
Statistics showing cumulative sales since the launch of the Help to Buy (equity loan) scheme, on 1 April 2013, have also been announced. From the launch until 31 March 2016, 81,014 properties were bought with the help of the equity loan scheme. Most of the sales were to first-time buyers, whose purchases represented 81% of total sales and the average purchase price was £222,830. The data also reveals the six local authorities where most sales were completed: Wiltshire, Leeds, Central Bedfordshire, County Durham, Wakefield and Bedford.
David Hollingworth, associate director at London & Country, commented: “Help to Buy has been very successful. Largely both schemes have done what it was hoped they would achieve. The figures point more to how they have helped first-time buyers, but they have also reached other types of borrowers who needed this support.”