The number of people who have applied for Help to Buy mortgages in the last month has doubled.
David Cameron announced today (January 2nd) that the government-guaranteed scheme attracted 4,000 applications last month, in comparison to 2,000 the month before.
The prime minister said: “In less than three months, the scheme has already helped thousands of people. I want to see that continue in 2014 and for Help to Buy to help thousands more realise their dream of homeownership.”
He added that the scheme was giving aspirant first-time buyers the opportunity to get onto the property ladder, whereas in previous years they would have found it too difficult to raise a sufficient deposit.
The 6,000 applicants will require state support for £1 billion, although only 750 mortgages have currently been confirmed.
Shadow housing minister Emma Reynolds welcomed the figures but warned that the rate of house building needed to rise to meet the growing demand of buyers.
Help to Buy, the coalition’s flagship housing policy, has attracted a mixture of criticism and praise. While it is helping many onto the property ladder with a five per cent deposit, some worry that it will create a housing bubble.