Figures show that the scheme has helped support 7,313 home loans worth a total of £1bn between its launch date in October, 2013 to March 31, 2014.
The figures show that over 80% of loans went to first-time buyers – possibly because the equity loan option allows buyers to buy a new build home with only a 5% deposit. Furthermore, buyers can purchase any household under the mortgage guarantee option and the government will guarantee part of the loan.
As figures for the first six months were released by the treasury, they proved that the mean value of properties bought or remortgaged via the scheme was £151,596 – the average house price, according to the Office for National Statistics, is £252,000.
The report also shows that most mortgage completions taken out by the scheme focus on properties outside of London and in regions where the housing is cheaper.
A vast majority of homes supported by the scheme were in the East and North West of England, leaving only 5% of the mortgage completions for homes in London, and 14% in the South East.
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