Help to Buy continues to prove popular as it marks its second birthday.

The number of homes bought using the Government’s Help to Buy equity loan scheme has edged towards 50,000.

The scheme, which marked its second birthday at the start of this month, helps those with a small deposit to buy a new build home.

The average price of properties bought using the initiative is £212,932, the figures from the Department for Communities and Local Government showed.

It means buyers need an above average salary of £35,000, based on a 25 per cent deposit and a mortgage of 4.5 times their income.

A total of 82 per cent of these buyers were those looking to get their first step on the property ladder.

The Government introduced the Help to Buy equity loan scheme on April 1, 2013, offering an equity loan of up to 20 per cent as part of the package.

Since then, 47,018 properties have been bought using this part of the scheme.

The total value of these loans is £1.99bn, with the value of the properties sold under the scheme at £10bn.


Help to Buy Scheme - Zoopla

The most popular area of Britain where homes have been bought using Help to Buy is Wiltshire, followed by Central Bedfordshire, Peterborough, Milton Keynes and County Durham.

The second part of Help to Buy - known as the mortgage guarantee scheme - is also aimed at helping borrowers with a small deposit of as little as 5 per cent. But it can be used on a newly built home or an existing property. It does not include an equity loan.

Today's figures follow the introduction of the Help to Buy Isa by the Chancellor George Osborne in the Budget last month. The scheme gives first-time buyers £50 for every £200 they save for a deposit.

It is limited to £3,000 on £12,000 of savings and a person can only open one account. But the scheme is limited to one per person rather than per home and so those buying together can both receive a bonus.

There is also a cap on the price of properties that the bonus can be used to buy - £450,000 in London and £250,000 outside of the capital. Each bank or building society offering a Help to Buy Isa will offer their own interest rate. The scheme will be available from this autumn.

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