The first property purchase using the Help to Buy scheme has been completed, just three weeks after the government initiative was launched.
The Financial Times (FT) reports that the transaction involved a first-time buyer who did not want to be named.
She bought a two-bedroom flat in Kent for £153,500, using a 5.5 per cent deposit to secure her mortgage with Halifax – which is part of Lloyds Banking Group.
The bank has revealed that there are several other Help to Buy deals close to being completed as the moment, with its first taking place 12 working days after it launched the product.
Speaking to FT, prime minister David Cameron said: “Help to Buy is already helping hardworking people into home ownership. Over the coming months, I want to make this aspiration a reality for thousands more.”
However, the initiative has still received criticism from some quarters over concerns that it has resulted in a rise in house prices.
Fears of a potential housing bubble unless more properties are built to meet expected demand have also been voiced.