Since the launch of the Help to Buy equity loan and mortgage guarantee schemes in 2013, 80% of scheme completions have been made by first-time buyers.

Latest data published by the government shows that over 80,000 people have bought a home through the scheme.

The average house price was £185,000, significantly below the national average.

94% of Help to Buy completions took place outside of London, and over half of Help to Buy completions have been for new-build homes.

Stewart Baseley, Home Builders Federation executive chairman, said: “Help to Buy has helped tens of thousands of people onto the housing ladder who otherwise would have struggled to meet their ambition of home ownership.

“First time buyers in particular are taking advantage and the scheme is helping people in every part of the country. The resultant rise in demand is allowing builders to increase much needed house building levels. This is turn is creating tens of thousands of jobs and boosting local economies the length and breadth of the country.”