More than 10,000 purchases have taken place through the Help to Buy Equity Loan scheme in the first three months of this year, according to the latest figures released by the Ministry for Housing, Communities and Local Government (MHCLG).
And since the scheme’s launch in 2013, around 169,100 properties have been bought using the equity loan scheme, which offers buyers a loan of up to 20% of a newly built home’s costs, as long as they provide a 5% deposit.
The total value of these equity loans was £8.93bn, with the value of the properties sold under the scheme totalling £42.23bn.
Figures show more than 1.2m Help To Buy ISA accounts have also been opened.
For people saving up for their first home or for retirement, the Lifetime ISA is also available.
Savers can put in up to £4,000 each year, until the age of 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
John Glen, economic secretary to the Treasury, said: “We are helping a new generation of first-time buyers realise their dream of owning a home.
“Help to Buy continues to be hugely popular across the UK, with 420,000 people getting support so far.
“And with our stamp duty cuts and the lifetime ISA, we are delivering for first-time buyers.”
Gemma Harle, managing director of Intrinsic’s mortgage network, said: “Those who utilise Help to Buy need to think about the long term implications.
“Only some lenders accept a remortgage application from Help to Buy borrowers looking to switch from another lender, limiting the options of homeowners looking to reduce their monthly outgoings.
“Having a financial plan in place is crucial and getting professional financial advice and guidance can help the prospective first time buyers think through the options available to them and what these options mean in years to come.”