The mortgage guarantee scheme has backed £3.2bn of loans since its launch
The government’s mortgage guarantee scheme has backed around £3.2billion in loans since its launch in April last year.
According to the latest figures from the Department for Levelling, Housing and Communities, the value of the Government’s mortgage guarantee is £474 million and the value of the properties is around £3.42 billion in total.
The report says there have been 17,996 completions under the scheme since its launch in April last year.
This represented 6.5% of all residential mortgage completions in the UK between April 2021 and the end of March this year.
In the first three months of this year, there were 1,692 completions in January, 1,781 completions in February and 2,140 completions in March.
About 86% of mortgage completions were made by first-time buyers, with completions for this type of buyer pegged at 15,345.
The average property value is estimated at £190,166, which compares to the average UK property price of £278,436.
The report added that 67% of properties purchased were worth £200,000 or less, 28% were worth up to £125,000 and 21% had values of £250,000 and above.
The majority of borrowers under the scheme have household incomes of up to £50,000 and the median household income is £46,000. The average household income is £50,382.
The largest proportion is made up of those earning between £40,001 and £50,000 at 22%, followed by those in the £30,001 to £40,000 bracket at 20%.
More than a third, 35%, of the total completions concerned terraced houses, 28% apartments and maisonettes, individual houses and bungalows representing respectively 7 and 3%.
Regionally, England accounted for 68% of total completions, with the largest regions being the North West at 12%, followed by the South East at 11%. All other regions were below 10%.
Scotland accounted for 23% of completions, while Wales and Northern Ireland accounted for 5 and 3% respectively.