On a first glance at today’s new figures, the Help to Buy mortgage guarantee scheme is failing to live up to the fears of its critics or the hopes of ministers.
The figures released by the Treasury show 7,313 sales in the first six months of the scheme. Of these, 72 per cent were for homes valued below £250,000 and 80 per cent were to first-time buyers.
Those completions account for around 1.3 per cent of mortgages over the six months so it’s hard to see how the Help to Buy 2 mortgage guarantee (HTB2) on its own can have contributed much to rising property prices.
-> Read the rest of this post on Inside Edge, my blog for Inside Housing