Help to Buy figures hit record high
This is a huge increase on the previous quarter and is also 3% above the total recorded in Q2 2014.
Since the launch of the scheme Help to Buy has helped nearly 120,000 people to buy with 80% of scheme completions made by first-time buyers.
The average house price of homes bought through the scheme was £186,000, significantly below the national average, influenced by the fact that 95% of Help to Buy completions took place outside of London.
Half of Help to Buy completions have been for new-build homes.
Chancellor of the Exchequer George Osborne said: “The stronger economy and financial system means we expect banks to start to exit our Help to Buy Mortgage scheme, and it was introduced in times of financial distress and will come to an end next year in any case.
“The Help to Buy shared equity scheme goes from strength to strength and our new Help to Buy ISA we’re launching in December will provide generous support to those saving for their first home by providing a government boost on their deposit.”
Andy Frankish, new homes director at Mortgage Advice Bureau, said: “While the equity loan scheme is well ingrained in the sales of new homes, it won’t be around forever.
“The focus now needs to turn towards more permanent solutions that address the underlying problems affecting housing affordability.
“The issue of supply is a growing concern, particularly as new starts have flatlined in recent months while consumer demand rises. A lack of suitable properties will continue to force prices up, so it’s vital that government initiatives begin to tackle this critical imbalance.”