The number of mortgage completions made through Help to Buy fell year-on-year in June

Helen Cahill
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There was a large monthly increase in completions in June (Source: Getty)

The number of mortgage completions made with the government's Help to Buy scheme has fallen by eight per cent year-on-year in June, according to figures from the Treasury.

Completions made through Help to Buy reached 3,118, a monthly increase of 27 per cent.

Read more: Government Help to Buy Scheme under fire over deposit clauses

The Treasury said 79 per ent of the purchases were made by first time buyers, suggesting the EU referendum did not deter them from getting onto the housing ladder.

Since the launch of Help to Buy, which offers lenders the ability to get a guarantee on mortgages for borrowers with a deposit of between five per cent and 20 per cent, 86,341 mortgages have been completed with the scheme.

However, Londoners have not been particularly active in the scheme. Since it was launched in October 2013, only 4,129 of the completions with Help to Buy have been in London - just under five per cent of the total.

Read more: Eh? People are cashing out of their Help to Buy Isas after just four months

Richard Sexton, director of chartered surveyors e.surv, said: "The increase in the number of mortgages completed through the Help to Buy mortgage guarantee scheme is an indication that the UK housing market remains open for business.

"The fact that the majority of approvals were for first-time buyers also shows that the scheme is helping many borrowers to take an important fist step towards owning their own home.

"However, while the scheme is important, it is still a drop in the ocean of what is required to get first time buyers onto the property ladder, especially in London."

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