The Help to Buy equity loan scheme has seen over 15,000 reservations for new build homes in the first six months.

Newly installed housing minister Kris Hopkins said: “With over 15,000 reservations for new build homes in six months, it’s clear the first part of our Help to Buy scheme, the equity loan, has captured the imagination of the public and is boosting the supply of new homes across the country.

“Our policies on housing are working: housebuilding is growing at its fastest rate for 10 years, and the tough decisions we’ve taken to tackle the deficit have kept interest rates low and are now delivering real help to hardworking people.

“I’m delighted we’ve launched the second part of Help to Buy, the mortgage guarantee, which will strengthen the package of measures that have already done so much to restore confidence in the housing market.”