Help to Buy goes full steam ahead

In the nine months since the scheme’s inception from October 2013 18,564 completions were made using the scheme, with 79% being to first-time buyers.

The value of mortgage transactions using the scheme stands at £2.7bn, with the average property value totalling £153,148 compared to a national average of £265,000.

The data also revealed that completions have boosted buyers across the breadth of the country.

Over the nine month period the North West recorded 2,513 completions, the South East saw 2,505, the East Midlands saw 1,586, while the East recorded 1,865 completions.

Comparatively London has seen just 965 completions using the mortgage guarantee scheme.

Aldermore Bank anecdotally reinforced the regional lending figures, adding that Help to Buy remains a vital part of the market.

The bank revealed that 68% of its Help to Buy applicants are first-time buyers, while 72% purchase homes between £40,000 and £180,000.

In terms of age, 66% of its applicants are between 21 and 35-year-old, while only 18% of applicants are above 40.

Charles Haresnape, Aldermore Bank Mortgages and Commercial Lending managing director, said: “It is clear to see, both from today’s figures from the Treasury and ourselves, that the Help to Buy scheme is still helping those customers who need it most; first-time buyers, those on lower incomes and those from areas such as the Midlands and the North.

“Home-ownership is a proud part of our British heritage and it is important to keep the aspirations of young people alive with schemes such as this.”