“Today’s statistics from the Treasury show that 78% of those who used the Help to Buy mortgage guarantee were first time buyers and clearly demonstrate that the scheme is helping those consumers who most need help to get on the housing ladder. The scheme has proved successful in fulfilling its original aims of helping first time buyers, those on low incomes and those outside of London and the South East, as it has supported a higher proportion of people in the Northwest and the East, with over half of all mortgage completions through the scheme on properties worth £150,000 or less.
“The data also showed that mortgage completions through the scheme across Scotland and Wales were proportionally higher that the UK as a whole, showing the balancing effect the programme has had in helping those who need it most. There has been much rhetoric on the scheme and the dangers of causing a housing bubble, but Help to Buy remains a small proportion of total sales in the housing market with only a negligible impact in London.”
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