A total of 7,313 mortgages were backed by the Help to Buy mortgage guarantee scheme in the six months since it launched in October.
Figures from the Treasury, published today, reveal 5,843 buyers used Help to Buy 2 to buy their first home, representing 80 per cent of all transactions. This is the first time figures have been published on the number of mortgages through Help to Buy 2.
The North West and South East regions have seen the highest number of completions across the UK, with 1,011 and 1,027 respectively.
London has seen the fewest transactions through Help to Buy 2, with 385 completions representing just 5 per cent of all purchases using the guarantee.
The average price of a home purchased through the scheme so far is £151,597, compared to a national average house price of £252,000.
Of the completed Help to Buy 2 purchases, 45 per cent were properties valued up to £125,000. This represents 3,320 homes.
Borrowers can use the Help to Buy mortgage guarantee to purchase properties up to a value of £600,000. But just 31 homes were bought in the £500,001 to £600,000 band in the first six months of the scheme.
Just under a quarter of Help to Buy borrowers earn a salary between £30,001 and £40,000, the most common income band amongst Help to Buy 2 customers.
The Treasury has also released updated figures for the Help to Buy equity loan scheme, which first launched in April 2013.
The number of completions achieved using the equity loan up to 30 April was 20,548. Of these, 17,913 were to first-time buyers, representing 87 per cent of the total take-up.
The average purchase price for Help to Buy 1 borrowers stands at £205,424.
Legal & General Mortgage Club director Jeremy Duncombe says: “Despite calls for the scheme to be reined in, these figures show Help to Buy is aiding those who most need it. The majority of applications have come from outside London and from first-time buyers, in areas where the local housing markets have not rebounded as strongly as in the capital.
“That so few applications are coming from London shows Help to Buy is not the sole reason for the booming house prices here. The real issue that needs to be addressed is the lack of housing supply and the prevalence of cash buyers.”