The HBF’s analysis of government data, in a new report called Payback Time, found the scheme is still generating over £1m a day in returns with a final uplift expected to exceed £2bn.

The scheme was introduced in 2013 and has since resulted in 181,437 fully repaid with the government benefiting from a 10.3% uplift on the original loan value.

This amounts to £1.02bn in positive returns, in addition to a further £358m from interest payments.

Overall, Help to Buy has supported 387,195 households into homeownership, including 328,346 first-time buyers.

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The HBF has calculated this has supported £86bn in economic activity with over £10bn in tax receipts.

Using this data, the HBF report is calling for a targeting equity loan scheme for a new generation of homeowners, partly financed through developer contributions, to fill the gap left by Help to Buy which closed in 2022.

“With affordability so constrained for prospective first-time buyers, it is frustrating that no support for home ownership is in place today,” said Neil Jefferson, CEO at the HBF.

“We need a new targeted scheme that will support young people, helping them overcome barriers to homeownership and ensuring the next generation can access affordable and sustainable mortgage finance.”