In a statement, the cabinet minister for local government, housing and planning Siân Gwenllian said the change would support up to 400 additional households.

Help to Buy is a government scheme designed to help members of the public buy homes with a smaller deposit.

Gwenllian also announced the Help to Stay scheme will be extended to the same date, an initiative designed to help homeowners suffering mortgage difficulties stay in their homes.

The Empty Homes Grant will also be extended, which provides funding to help vacant homes be renovated.

“It is important that homeownership is a reality for those who wish to, particularly for first time buyers,” said Gwenllian.

“I also want to do everything I can to continue protecting those who face the greatest challenges from ongoing cost-of-living increases, keeping them safe in their own homes.

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“The combination of investing in affordable new build homes, grants to bring empty properties back into use and support to existing homeowners who are struggling to pay their mortgage, is a significant commitment to the people of Wales and also provides support for house builders and SMEs in our communities.”

The Welsh arm of the Home Builders Federation (HBF) has welcomed these announcements which it expects to support construction investment in the country.

"Builders can only build if buyers can buy, therefore — as the country continues to face a housing shortage and delivery remains well below historic levels — maintaining support for homeownership is critical,” said Mark Harris, planning and policy advisor for HBF Wales.

"While this extension will support buyers and help mitigate the short-term impact on housing supply had the scheme been withdrawn, broader barriers to housing delivery remain.

“We stand ready to work with the Welsh government to address these constraints and ensure home builders can deliver much-needed homes for communities across Wales."