Government statistics show only ten of the 2,384 Help to Buy applications have already completed.
Figures published by the government today (11 November) show more than three quarters of the applicants for the government-backed Help to Buy scheme are first-time buyers and many are in their early thirties.
David Cameron, prime minister, said four weeks in it was clear that Help to Buy was already delivering.
He said: “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.
“But the best thing about Help to Buy isn’t the statistics - it’s who is really benefiting. Most Help to Buy applicants are first-time buyers, young and have a roughly average household income.
“This is all about helping hardworking people get on the first rung of the property ladder - and helping them get on in life.
“Owning a home is about more than four walls to sleep at night. It is about independence, self-reliance, moving on and moving up. Above all, it is about aspiration. Help to Buy is helping people realise the dream of home ownership - and it is a key part of my plan for Britain.
Almost 65 per cent of the UK mortgage market has now signed up to Help to Buy and more mortgage products from HSBC, Barclays, Santander, Virgin Money and Aldermore will be released in the coming months.
Ray Boulger, senior technical manager at broker John Charcol, previously told FTAdviser that Help to Buy reservations for properties are around 2,500 per month and, if reservations continue at this current rate, the scheme will not last beyond two years.
Chris Leslie, Labour’s shadow chief secretary to HM Treasury, said if the government was serious about helping first-time buyers they would also be bringing forward investment to build more affordable homes.
He said: “Rising demand for housing must be matched with rising supply, but under this government housebuilding is at its lowest level since the 1920s.
“You can’t deal with the cost-of-living crisis without building more homes. Unless the government acts now to ensure more affordable homes are built then soaring prices risk making it even harder and costlier for people aspiring to buy their first home.
“And the Bank of England should immediately review the details of the scheme, rather than wait a year. For example, why has George Osborne decided that a policy which should be about helping first time buyers will allow taxpayer backed mortgages for homes worth up to £600,000?”
