14pc of H2B2 mortgages are in the North West
This exceeds the North West’s 9% share of the overall mortgage market.
Similarly, the East of England has also seen a high take up of Help to Buy 2 mortgages, as 9% of all transactions using H2B2 were in the East compared to 4% for all completions.
The mortgage guarantee has a 5% share in Wales and an 11% share in Scotland, compared to a 5% share in London where the scheme is less popular.
Charles Haresnape, managing director, mortgages and commercial lending, Aldermore, said: “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.”
Since the launch of Help to Buy mortgage guarantee 46,877 mortgages have been completed with the scheme, 78% of which for first-time buyers.
The total value of mortgages supported by the scheme is £6.9 bn.
The typical property purchased or remortgaged through the scheme was worth £155,603, compared to a national average house price of £273,000.