The government has revealed that almost 40,000 households have bought a home through Help to Buy.

Over 32,500 households have bought new build homes through the equity loan and NewBuy options, with a further 7,300 sales though the mortgage guarantee.

More than 80% of sales have gone to first time buyers and been for new build homes. The direct result is a new generation of homeowners and a 34% increase in private housebuilding during the first year of the scheme.

Housing and Planning Minister Brandon Lewis said: “Almost 40,000 households have now achieved their dream of becoming homeowners through Help to Buy. Hard working families are getting the homes they want, while housebuilding has increased to its highest level since 2007.

“It’s no accident that since the start of the scheme private housebuilding has shot up by a third and continues to climb. Developers are increasing their output, and taking on new workers at the fastest rate since records began.”