The government’s flagship Help to Buy scheme has helped 88,420 people since its launch.

Since the inception of the equity loan and mortgage guarantee schemes 80 per cent of completions have been made by first-time buyers with 94 per cent taking place outside London.

On the statistics, Prime Minister David Cameron said:  “This is all part of our long-term economic plan to secure a better future for Britain – and, together with cutting income tax, lowering council tax bills and freezing fuel duty, the government is backing those who work hard and get on find the financial security they deserve,”

Along with the Government’s NewBuy scheme which offers 95 per cent mortgages for those buying new-build properties, the latest figures show that over half of all help to buy completions have been for new build homes.

Executive Chairman of the Home Builders Federation, Stewart Baseley said: “The resultant rise in demand is allowing builders to increase much needed house building levels. This is turn is creating tens of thousands of jobs and boosting local economies the length and breadth of the country,”

The construction industry has experienced consecutive growth over the past 21 months, 537,000 new homes have been created during this parliament.