More than 285,000 people have bought a home using one of the government’s Help to Buy schemes, including more than 240,000 first-time buyers, according to official government data.
The average house price across the Help to Buy schemes is £193,826 – which is below the average UK house price of around £220,000.
More than 90% of completions using Help to Buy have taken place outside London, which will account for the low average house price.
The 285,000 completions figure is a rounded total of the Help to Buy schemes, which comprise the Mortgage Guarantee Scheme (104,686), the Equity Loan (120,864), and the Help to Buy Isa (62,528).
The Help to Buy Equity Loan scheme, which was launched in April 2013, offers buyers up to 20% of a new-build home’s costs, so they only need to provide a 5% deposit.
In the capital, London Help to Buy has helped 3,249 buyers across 32 boroughs purchase their own property between February 2016 and March 2017. Here, the scheme provides an equity loan of up to 40% for buyers with a 5% deposit.
The Help to Buy Isa, which launched in December 2015, offers bonuses of up to £3,000 to buyers saving cash for their first home. The North West, Yorkshire and the Humber, and the South West have seen the highest number of property completions using the Help to Buy Isa.
The Morgage Guarantee Scheme, which ended in December 2016, allowed people with smaller deposits (5% of the value) to make a house purchase, because the government would guarantee repayment of the loan to the lender for up to a further 15%.
Stephen Barclay, economic secretary to the Treasury, says: “We want to make sure that anyone who works hard and aspires to own their own home has that opportunity. That is why I am delighted that our Help to Buy schemes have now helped over 240,000 first-time buyers across the country achieve home ownership.”