Less than 3 months on from the start of the Help to Buy mortgage guarantee scheme, over 6,000 people have put in offers on a home and applied for a mortgage, Prime Minister David Cameron announced today.
In November, ministers published figures showing that in the first month of the scheme more than 2,000 people had put in offers on homes and applied for a Help to Buy mortgage. That number has now trebled to more than 6,000.
In just 12 weeks since the scheme launched, nearly 750 homeowners have completed their purchases and hundreds were able to spend Christmas in their new homes.
The new figures on the Help to Buy mortgage guarantee scheme show that Help to Buy continues to support responsible lending; on average households are looking to buy homes worth £160,000 which remains below the UK average house price of £247,000.
Applicants will face average monthly repayments of around £900 and have an annual household income of around £45,000; this means a Help to Buy mortgage represents 23% of borrowers’ gross income.
Help to Buy mortgage applications are still coming in from across the country, and around three-quarters are from outside London and the South East, and over 80% are from first time buyers
Prime Minister David Cameron said:
"The New Year is often a time when people look to make those big life-changing decisions like moving home or taking that first step on the housing ladder.
"But too many people have found themselves frozen out of the market in recent years as a result of the size of the deposit required.
"That is why as part of our long-term economic plan we introduced the Help to Buy scheme, so hardworking people with sufficient earnings can get on, fulfil their aspirations and enjoy the security of owning their own home.
"In less than 3 months, the scheme has already helped thousands of people.
"I want to see that continue in 2014 and for Help to Buy to help thousands more realise their dream of home ownership."