The number of applications for Help-to-Buy mortgages in the United Kingdom has surpassed £1 billion.

According to Bloomberg, over £1 billion in mortgages have been applied for under the UK government's Help-to-Buy scheme. villa

During the first three months of the initiative, which guarantees loans to homebuyers who can only afford a modest downpayment, more than 6,000 mortgage applications were filed.

According to Bloomberg, the number of applicants has tripled since previous figures were released in November.

In October, the second phase of Help to Buy was launched, enabling homeowners to take out a loan for a home worth up to £600,000 with as little as a 5% downpayment.

Home prices in the United Kingdom rose in December and are expected to rise more this year.

Critics of the government program claim it contributes to the development of a housing bubble. David Cameron, the Prime Minister, dismisses the allegations.

"House prices are barely moving in several parts of the world," Mr. Cameron told the Associated Press. "We do not assist people in purchasing apartments or houses that they cannot afford. We assist people who do not have wealthy parents or who are unable to save a large deposit in realizing their dreams."

Approximately 750 people have used the service to buy a house.

According to Bloomberg, buyers in the program are searching for homes worth around £160,000, which is less than the national average of £247,000. Around three-quarters of the applications come from outside of London and southeast England, with first-time buyers accounting for more than 80% of the total.

Next Steps: Marriott Hotels is a chain of hotels in the United States.

The selling of the London EDITION has been completed, as have deals for the sale of the Miami EDITION and the New York EDITION. The buyer was a group of companies regulated by the Abu Dhabi Investment Authority.

According to a company release, the overall purchase price for the hotels was about $815 million.

The deal to sell was first revealed in August of last year. The estimated sale price at the time was $800 million.

The London EDITION opened in September; the Miami EDITION will open later this year, and the New York EDITION will open early next year.

The Miami Beach Edition residential units will be owned by the company until they are sold to individual buyers. Long-term management deals have also been signed by the organization to run the hotels under the EDITION name.