Help to Buy has helped nearly 100,000 people buy a home in the two years since it launched.
Official statistics show a combined total of 94,000 have bought a home through Help to Buy, with a further 5,601 having purchased one through NewBuy, the predecessor of the mortgage guarantee scheme.
Around 95 per cent of Help to Buy completions have taken place outside London and over 70,000 have been first-time buyers.
The average house price is £156,000 for the mortgage guarantee scheme and £213,000 for the equity loan scheme.
Chancellor George Osborne says: “Key to our long term plan is providing economic security for working people, at every stage in life. The security of owning your own home is a big part of this, which is where Help to Buy comes in. It’s also boosting the economy more widely by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs.
”That’s why I committed £6bn to extend Help to Buy to at least 2020, giving developers certainty so they can plan for future Help to Buy housing schemes and continue to boost housing supply. Today I’ve confirmed the first annual allocation of nearly £1.5bn, providing funding for Help to Buy equity loan for 2016/17.”
