The Treasury has stated that over 285,000 homeowners, including 240,000 first time buyers, have already been supported by the government’s Help to Buy schemes.

It said the Help to Buy: ISA has now helped over 960,000 people save towards their own home.

Latest data showed that the average house price across the schemes is £193,826, which is below the average UK house price.

Over 90% of completions across the Help to Buy schemes have taken place outside of London.

Stephen Barclay, economic secretary to the Treasury, said: “We want to make sure that anyone who works hard and aspires to own their own home has that opportunity.

“That is why I am delighted that our Help to Buy schemes have now helped over 240,000 first time buyers across the country achieve home ownership.”