The Help to Buy scheme has helped over 350,000 people into home ownership since its launch in 2013.
Government statistics on the programme show that 355,634 properties have been bought through the Help to Buy: Equity Loan since its beginning.
First-time buyers make up 83% of total purchases and the total value of the scheme stands at £22bn, with the value of properties sold under it valuing at £99bn.
Purchasers can currently borrow 20% of the cost of a new build, with Londoners able to borrow 40%, with price caps varying on properties from region to region.
Housing Minister, Stuart Andrew MP, said: ‘Giving everyone the opportunity to own their own home is central to our levelling up mission – to spread opportunity and prosperity equally across the country.
‘It’s fantastic that this milestone has been reached on the day we introduce our Levelling Up and Regeneration Bill which sets out our plans to deliver more homes and give everyone the opportunity to own their own home.
‘Alongside other government initiatives such as the mortgage guarantee scheme, Help to Buy has boosted the annual number of first-time buyers to a 20 year high.’
However, only 8,913 house purchases were funded through Help to Buy loans in the final quarter of 2021, a 41% annual drop.
House prices are rapidly rising, with the average price of a property increasing by 10.9% year-on-year according to the Land registry.
National average property prices reached a record high in February of £276,755, with the average property in London property priced at £530,000.
With the cost of living crisis affecting families and households across the UK, it remains to be seen how property trends will play out.
Photo by James Feaver