There was a 40% rise in use of the Help to Buy scheme in the final quarter of 2020 on an annual basis, latest government figures show.
The data shows that 21,026 properties were bought using the scheme in Q4 2020 compared to 15,049 in Q4 2019.
In total, 49,714 properties were acquired through Help to Buy last year and, in 2019, 52,246.
This brings the total number of homes bought with an equity loan, since the scheme started in April 2013, to 313,043 at a value of £86bn – £18.9bn being the total value of the loans to date.
The government figures add that 82% of completions so far have been from first-time buyers.
Legal & General Mortgage Club head of broker relationships and propositions Craig Hall says: “Today’s Help to Buy statistics show that the government scheme continued to provide a useful route into homeownership for many in the final months of 2020.
“Of course, while initiatives like Help to Buy and shared ownership have helped many people to buy, they do not tackle the issue of housing undersupply in the UK.
“In the recent Queen’s speech, government announced its intention for a new planning bill aimed at boosting housing supply, but more may be needed to ensure the UK hits its target to build 300,000 new homes each year.”