The Help to Buy scheme has created 131 new homeowners every day since April 2013, according to Housing Minister Brandon Lewis.

Since the launch of the scheme, over 100,000 people have used the Help to Buy equity loan, mortgage guarantee and NewBuy schemes at a fraction of the deposit they would normally require.

Challenger Bank Aldermore welcomed the numbers and said it was good to see the scheme was having a positive impact in allowing first-time buyers to achieve their dream home.

“While many government schemes are helping, it is important to reflect on the wider picture rather than month-to-month figures,” said the Bank.

“For example, the latest numbers from the government show housing starts over the past year going up and down like a yo-yo.

“It would be interesting to see what the figures would be like if the equity loan scheme did not exist.

“The question we must ask is when house building will gain its own momentum.”

Brandon Lewis added: “The figures clearly show the continuing success of the Help to Buy scheme in supporting many credit-worthy, hardworking people who want to buy their own home.”

Stewart Baseley, Executive Chairman of the Home Builders Federation, said Help to Buy was continuing to drive demand for new homes and called the extension to 2020 “a huge boost”.

“That demand is being met by the house building industry which is increasing output at the highest rate for decades,” said Stewart.

“With this support for buyers in place, house builders are planning greater investment in land, labour and supply chains to maintain and sustain this increased level of activity.

“Delivering more, high quality houses will provide the next generation with decent homes, create jobs and boost local economies across the country.”