According to the latest figures from the Department of Levelling Up, Housing and Communities, the value of the government mortgage guarantee is £474m and the value of properties is around £3.42bn in total.
The report said there have been 17,996 completions under the scheme since it was launched in April last year.
This represented 6.5 per cent of all residential mortgage completions in the UK between April 2021 and end of March this year.
In the first three months of this year there were 1,692 completions in January, 1,781 completions in February and 2,140 completions in March.
Around 86 per cent of mortgage completions have been from first-time buyers, with completions from this purchaser type pegged at 15,345.
The mean property value is estimated at £190,166, which is compared to the average UK house price of £278,436.
The report added that 67 per cent of properties bought were worth £200,000 or less, 28 per cent were worth up to £125,000, and 21 per cent had values of £250,000 and above.
The majority of borrowers under the scheme have a household income up to £50,000 and the median household income is £46,000. The mean household income is £50,382.
The largest proportion is made up of those earning between £40,001 and £50,000 at 22 per cent, followed by those within the £30,001 to £40,000 band at 20 per cent.
Over a third, 35 per cent, of total completions were on terraced houses, 28 per cent were for flats and maisonettes, with detached houses and bungalows making up seven and three per cent respectively.
From a regional perspective, England accounted for 68 per cent of total completions, with the biggest regions being North West at 12 per cent, followed by the South East at 11 per cent. All other regions were below 10 per cent.
Scotland made up 23 per cent of completions, whilst Wales and Northern Ireland accounted for five and three per cent respectively.
