Help to Buy 2 lending reaches £2.7bn

Since it was introduced nine months ago 18,564 mortgage completions have been made using the scheme, with the value of the mortgage guarantee alone totalling £388m.

In May and June Help to Buy 2 completions reached record levels, as there were 7,918 loans with the value totalling £1.15bn.

The scheme has supported a significant proportion of mortgages in the North West (2,513) and the East (1,865), in comparison to London (965).

The mean value of a property purchased or remortgaged through the scheme is £153,148, compared to a national average of £265,000.

So far 79% of purchases using the scheme have been to first-time buyers.