The U.K. government helped 7,313 buyers to purchase a home with its flagship Help to Buy mortgage scheme in the first six months of its existence, figures released on Thursday show.
Introduced in October, Help to Buy provides mortgage guarantees with the aim of helping first-time buyers get on the housing ladders. Under the scheme, the government made £153 million of mortgage guarantees which backed £1 billon ($1.67 billion) worth of loans. Four fifths of purchasers were first-time buyers.
The figures will silence critics of the scheme who feared it would stoke a housing bubble across the country. Help to Buy accounted for just 1.3 percent of all mortgage-backed property purchases in the six-month period, a low proportion of mortgages which has dampened the concern.