Newcastle Building Society has issued an update on its involvement with Deposit Unlock.

The scheme supports first time buyers and low deposit borrowers and is designed to fill the gap left by Help to Buy as this ends.

As of the end of June Newcastle Building Society had the majority of all completions under Deposit Unlock.

75% of applications under Deposit Unlock to Newcastle Building Society have been from first time buyers.

The average property sale price through Deposit Unlock is £288k, higher than the Help to Buy cap in many of the regions, while the average deposit provided by Deposit Unlock customers is £15k.

Since launch, the number of participating developers has grown to 21, with eligible sites now located nationally and consistent interest in the scheme from customers and brokers.

Stuart Miller (pictured), chief customer officer at Newcastle Building Society, said: “Any rise in house prices makes it increasingly difficult for first time buyers and low deposit borrowers. Whilst the rate of house price inflation appears to have slowed, the cost of living squeeze and wider economic uncertainty means it’s now harder than ever to save for a deposit.

“Help to Buy has assisted thousands of prospective homeowners over the past 10 years but as it comes to an end, we need to fill the gap that it leaves behind. That’s why innovative schemes like Deposit Unlock are so important. Firstly, Deposit Unlock is industry-led, and not reliant on government support or taxpayer funding, and secondly it’s straightforward from a homebuyer perspective – a 95% lending option on a new build home.

“It’s rewarding to know that since we helped launch Deposit Unlock nationally last year, we’ve already helped so many people achieve their dream of home ownership, and that initiatives like Deposit Unlock will become even more critical for home buyers in a challenging market.”