England saw Help to Buy: Equity Loan purchase increase by 9% year-on-year, the latest data from the Housing, Communities and Local Government (HCLG) has revealed.
The data revealed that 52,404 homes were completed under the scheme in England in the year to 31 March.
First-time buyers bought 43,248 properties under the scheme – up 11% year-on-year.
Joseph Daniels, founder of modular developer Project Etopia, said: “The number of people using Help to Buy is still growing slightly and the amount they are borrowing has risen 12.5% in a year.
“This is streets ahead of the rate of house price growth across England.
Incredibly though, this still represents a significant slowdown. “In fact, more than a billion pounds was taken in the final quarter of 2018 alone, which was 18.7% up on the previous year, and that annual rate of growth was consistent throughout 2018.
“The slowdown in this figure chimes with a slowing in the annual rate of house price growth nationally. An explosion of interest in the scheme sparked by the announcement of the 2021 and 2023 deadlines also seems to have come and gone.
“Those headlines focused minds on getting onto the ladder and squeezing every bit of value out of the scheme while it lasted, but that pace of growth appears to have rapidly fallen away.
“Earlier this week HMRC revealed transaction volumes had crashed 16.5% annually in June.
“Without the Help to Buy scheme continuing to provide some support, this figure would have been even worse.”
In London there were 6,115 homes purchased under the scheme during the period, up 30% year-on-year.
So far there have been 221,405 properties purchased through Help to Buy since the scheme was launched in 2013.