Help to Buy sees over 2,000 applications in just one month

After just one month of the second phrase of the government's Help to Buy scheme being implemented, over 2,000 applications have been submitted, new figures show.
According to freshbusinessthinking.com, ten of the 2,384 applications made over the past month have already been completed. The applications equal £365 million of new mortgage lending.
Help to Buy helps those who can only afford a five per cent deposit to purchase a home and obtain a 95 per cent mortgage. It has been around for some time now but it was only available on new-build properties. The second phrase, which was only implemented a month ago, allows buyers to purchase any property on the same terms.
The figures show that on average, those using the scheme have borrowed £155,000 for houses worth £163,000. This is below the UK average price of £247,000, reports propertywire.com. Furthermore, over three-quarters of the applicants have been first time buyers, with many in their early thirties.
Prime minister David Cameron said that the scheme has already provided many first time buyers with the opportunity to purchase their very first home - something they wouldn't have been able to do without the scheme.
"Four weeks in and it's clear that Help to Buy is already delivering," he stated. "In just one month, over 2,000 people have been accepted for a Help to Buy mortgage. Or put another way, 75 families every single day have been put on the path to owning their dream home."