Some experts have been quick to point out the difference in value of homes supported by the government’s scheme versus the average house price today.
Mortgage expert at Quilter, Karen Noye, said: “While the scheme is well meaning, the figures show just how few first time buyers are actually supported by it.
“House prices have soared dramatically over the past couple of years, yet the mean value of a Help to Buy purchase price remains at just £175,849 compared to an average first-time buyer house price of £228,627 and a national average house price of £274,712.”
Noye argued the government needs to plough its energy into building more housing stock, rather than into more schemes which will not truly go to the root of the impenetrable housing market facing first-time buyers.
In response to criticism, housing minister Stuart Andrew Help to Buy has boosted the annual number of first-time buyers to "a 20 year high".
FTAdviser also understands the latest independent evaluation of the Help to Buy scheme found no evidence of a "significant impact" on prices overall, and that a 2019 National Audit Office study also found no evidence Help to Buy was pushing up new build prices.