Cameron says Help to Buy approaching £1bn in new loans The prime minister believes the scheme - controversial with some economists - will help underpin the recovery in 2014 and improve social mobility by helping first-time buyers with their deposit. However the Bank of England is watching the scheme for signs it is pumping up house prices in London and the south-east. Vince Cable, the Liberal Democrat business secretary, has also spoken of his fears of a new "bubble." Mr Cameron will publish figures showing that about three-quarters of applications for Help to Buy mortgages are from outside the capital and its hinterland and 80 per cent are from first-time buyers. He will also be relieved that data suggest the scheme is helping those most in need of support, with applicants looking to buy homes worth an average £160,000 - below the UK average house price of £247,000. "In less than three months, the scheme has already helped thousands of people," Mr Cameron will say. I want to see that continue in 2014 and for Help to Buy to help thousands more realise their dream of home ownership. Some 6,000 people applied for the Help to Buy mortgages in the first three months, taking advantage of a scheme whereby the government offers lenders a guarantee on lending for a borrower with a deposit of between 5 and 20 per cent. In November, the BoE announced it would stop supporting mortgage lending through the separate Funding for Lending Scheme, which provides money to banks for lending to businesses and individuals.