According to the latest figures from HM Treasury, this accounted for 1.4% of all residential mortgage completions through the scheme.
The government confirmed the introduction of a new, permanent mortgage guarantee scheme in July that would follow on from the older scheme, which these figures concern.
The report added that since the last update in August, there were around 2,519 completions between April and the end of June.
The total value of properties financed under the scheme between 2021 and 2025 comes to £12.7bn, while the total value of the guarantee stands at £1.8bn, with £12bn in loans supported.
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Mortgage guarantee scheme mainly used by FTBs
The vast majority of completions through the scheme were for first-time buyers, at 86%, equal to around 50,598 completions. This compares to 8,258 completions by non-first-time buyers.
Regarding borrowers’ income, 42% of households who used the scheme have a household income up to £50,000, with the mean household income standing at £60,115.
Households with an income over £80,000 accounted for 18% of completions, with 21% sitting between £60,001 and £80,000 and 18% earning between £50,001 and £60,000.
Half of properties bought valued at £125,001-250,000
Digging into property value, around 50% of total completions were for properties up to £125,001-250,000, with 20% valued up to £125,000.
Approximately 30% of mortgage completions were for properties valued at over £250,000.
The mean value of a property came to £216,553, which compares to the average UK house price of £269,000.
Looking at property type, the vast majority – 35% – were for terraced properties, with 30% for semi-detached and 22% for flats or maisonettes.
Only 8% were for detached properties, 3% were for bungalows and 1% were for other property types.
From a regional perspective, 71% of completions were for England, 21% were for Scotland, 5% were for Wales and 3% were for Northern Ireland.
Within England, the most popular regions were the South East and North West at 12% each, followed by the East of England at 9%.
The East Midlands, West Midlands and Yorkshire and the Humber made up 8% apiece.
