Help to Buy demand greatest in the North
Nearly two-thirds (63%) of applicants live in the North West, North East, Yorkshire and the South West.
Of the 4,467 Help to Buy decisions in principle cases offered by Aldermore, 70% of applicants are first-time buyers.
Over half (53%) of applicants are earning less than £40,000, while 26% are earning less than £30,000.
Charles Haresnape, Aldermore Bank residential mortgages managing director, said: “Today’s statistics from the Treasury, coupled with new figures from Aldermore, suggest that Help to Buy is helping those consumers who most need help to get on the housing ladder.
“This shows that the scheme is proving successful and fulfilling its original aims of helping first-time buyers, those on low incomes and those outside of London and the South East.”
Nearly three quarters (73%) of cases were for purchase prices of between £40,000 and £180,000.
Seven in 10 (70%) applicants are between 21 and 35-years-old, of which 44% of applicants live in the North of England.
The top three cities for Help to Buy applicants are Birmingham, Manchester and Bristol.
Haresnape added: “There has been much rhetoric on the scheme in recent weeks and the dangers of causing a housing bubble, but Help to Buy remains a small proportion of total sales in the housing market and has no real impact in London, which is seeing higher inflation.
“Lender affordability measures remain paramount and will naturally limit mortgage sizes, so we should see the pace of house price rises in London reduce somewhat.”