It has been revealed that 375,654  homebuyers have benefited from the Help to Buy initiative, with £23.7bn in loans issued to facilitate the purchase of £105.4bn worth of property. 

The scheme, which closed to new applicants in October 2022, has had the biggest impact in the South East of England, accounting for 18.1% of total transactions.

According to analysis by Wayhome, buyers in the East of England (13.2%), North West (11.6%), South West (11.3%) and East Midlands (10.9%) have also seen some of the biggest benefits. 

However, with the scheme now ending, homebuyers are forced to look elsewhere for a helping hand onto the property ladder. Alternative government buying schemes are available, such as The Mortgage Guarantee Scheme, Shared Ownership, Deposit Unlock and First Homes Scheme, as well as Gradual Homeownership. 

However, the research by Wayhome has found that demand for these schemes is high, while the level of for-sale stock offering them in the current market is low.

The company’s analysis found a third of all properties (33%) listed for sale with the benefit of a government buying scheme across Britain have already been snapped up by eager buyers. But the 13,066 homes currently listed for sale and offering this additional help account for just 2.2% of the total property market for sale stock. 

Co-founder and CEO of Wayhome, Nigel Purves, commented: “The private sector is helping to plug the gap to a degree but as our research shows, with around 13,000 homes offering the aid of a government buying scheme in the current market, along with additional avenues such as Gradual Homeownership, we simply can’t do it alone.

“The onus is now on the government to find a solution and some may argue that it’s their duty given the fact that their failure to build enough homes is one of the key contributing factors to spiralling house prices.”