Furthermore, the average size of these mortgages has reached a new peak of $607,500, marking an 8.3% increase in the same period. This trend suggests that while the scheme facilitates easier market entry, it also intensifies competition for affordable properties, potentially driving up prices.

Experts caution that this dynamic could lead to higher loan-to-value ratios for buyers, increasing financial vulnerability, especially if interest rates rise or property values stagnate. Prospective buyers are advised to consider these factors carefully and seek professional financial advice to navigate the complexities of the current housing market.