First-time buyers were the biggest winners from affordable housing schemes, accounting for 65% of purchases over the last year.
The Halifax's latest Affordable Housing Review reckons this is significantly higher than the 40% of all home purchases made by first-time buyers over the same period.
Overall, there were 14,7372 purchases of homes made by all buyers under the various shared equity and shared ownership schemes in 2012/13.
The schemes have particularly helped younger buyers, with 40% of all affordable home buyers in the age band 20 to 29; a significantly higher proportion than in the market as a whole where they make up 25% of all housing sales.
But the Halifax warns that there is a lack of understanding of the support available to first-time buyers through government initiatives such as NewBuy and Help to Buy. It claims fewer than a third (30%) of 20-45 year olds have welcomed the initiatives or think they work at encouraging and helping people to get on the property ladder.
AmbitionsCraig McKinlay, Halifax mortgage director, says: "Many of the affordable home ownership schemes available have been designed specifically to help first-time buyers get on the ladder and boost new build sales.
"The recent introduction of the Help to Buy equity scheme may well play an important role in meeting demand by targeting all buyers, not just those buying for the first-time. The Help to Buy mortgage guarantee, to be launched in January 2014, will also extend assistance to buyers looking to purchase existing properties as well as new builds."
Average property price under affordable schemesThe average price paid for properties purchased under the various affordable housing schemes in Britain is £167,9554. This is 10% lower than the £185,3244 average for all house purchases.
Regionally, the highest average price paid by purchasers using these schemes is in London (£228,560) whilst the lowest is in the North East (£132,483). In London, the average value of a property sold in a scheme is 25% lower than the regional average for all housing transactions.
The average price paid by first-time buyers (FTBs) using the schemes is £141,245; this is just under the average price paid by all FTBs (£142,839) for all housing. Despite the lack of difference in prices at the UK level, FTBs in London pay an average price under these schemes that is a fifth lower (21%) than the average price paid by all FTBs in the capital (£201,208 against £256,154).