Lenders welcome latest figures on Help to Buy mortgage guarantee
Published: 4 June 2015
We welcome the latest quarterly data from HM Treasury showing that the Help to Buy mortgage guarantee scheme is continuing to assist buyers across the whole of the UK, and is helping first-time buyers in particular.
The data, published yesterday and covering the final quarter of last year and the first quarter of 2015, show 46,877 loans have been completed with the support of the Help to Buy mortgage guarantee scheme since it was launched. Of these, 78% were purchases by first-time buyers.
The figures show that the scheme is helping buyers across the UK. Compared to total mortgage completions in each region, the scheme is supporting a higher proportion of mortgages in the north west and east of England, and a lower proportion in London and the south east.
Chart 1: Help to Buy mortgage guarantee completions by property value, October 2013 - March 2015
The scheme is also helping people buy homes at prices significantly below the UK average. Of those mortgages supported by the guarantee, 20,046 (43%) were for properties valued at less than £125,000 and 37,461 (83%) were valued at less than £200,000.
The average value of a property purchased through the scheme was £155,603, compared to a national average house price of £273,000.