More than 150,000 people have bought houses under the Government’s Help to Buy scheme, according to the Government.
The statement says that since the launch of the equity loan and mortgage guarantee schemes, 80 per cent of the completions, or 118,000, were made by first-time buyers.
The average house price was £188,380, with the mortgage guarantee average being £155,897 and the equity loan scheme average being £220,825. The national average house price is £288,000.
Around 95 per cent of Help to Buy completions took place outside of London.
In London the scheme makes up just 1 per cent of all mortgage lending compared to an average of 3 per cent across the country.
Over half of the homes bought through Help to Buy are new-build properties.
Chancellor of the Exchequer George Osborne says: “The Government is committed to helping people achieve the aspiration of buying their own home, and all our Help to Buy schemes have now helped almost half a million people.”
Housing Minister Brandon Lewis says: “Help to Buy has now helped more than 150,000 people across the country achieve their aspiration of buying a new or bigger home.
“We know there is more work to be done to get the homes built people want but it is great news that people are really taking the opportunities available and getting into ownership.”
Hometrack data analytics managing director Alex Rose says: “Hometrack analysis of house price inflation at a localised level shows that over the last two years the underlying value of the homes sold under the shared equity part of the scheme has grown to £14.633bn, a gain of over £1bn in underlying asset value.
“Consequently that means the Government has seen a £213m return on its total equity investment of £2.7bn since the scheme began.”
“The largest gains have been made in areas with high levels of house building. Central and Southern England in particular with Milton Keynes, Central Bedfordshire and Aylesbury Vale generating a significant increase in the value of Government assisted housing stock.”