First-time buyers accounted for 118,000 of completions since the equity loan and mortgage guarantee schemes were introduced by the government, with over half of total completions made on new-build homes.
The average house price for purchases through the scheme was £188,380, but 95% of completions took place outside of London. Completions for mortgage guarantee purchases have been least concentrated in regions where house price growth is the highest, making up just 1% of all mortgage lending in London, compared to an average of 3% across the country.
The highest number of deals completed through the mortgage guarantee scheme were seen in the North West, while the equity loan scheme was particularly popular in the South East.
Home Builders Federation executive chairman Stewart Baseley said Help to Buy was continuing to boost new-build homes.
“We estimate the larger house builders have increased output by 50% since the trough with overall supply up by 37% in the last two years. The industry remains committed to working with government on policies that enable it to maintain increases in build rates such that more people have access to high quality new homes,” he said.
