In addition, the government has announced that over 1 million Help to Buy: Isas have now been opened by first-time buyers, offering government bonuses of up to £3,000 towards the cost of a first home.

Over 130,000 completions have now taken place through the Help to Buy equity loan scheme, which offers buyers up to 20% in an equity loan so they only need to provide a 5% deposit.

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The latest Help to Buy statistics revealed that:

• over 320,000 completions have taken place using one or more of the Help to Buy schemes
• over 275,000 first-time buyer households are now on the housing ladder thanks to the scheme
• the average house price across the schemes is £196,092, below the average UK house price
• over 90% of completions across the schemes have taken place outside of London.

Stephen Barclay, economic secretary to the Treasury, said: “Help to Buy supports people who want to turn their dream of owning a home into a reality.

“The schemes have now helped over 275,000 first-time buyers across the country achieve home ownership.

“This government is determined to help hardworking people across the UK get on in life and climb the housing ladder.”

Alok Sharma, housing and planning minister, added: “This government is committed to fixing the broken housing market and to help more people find a home of their own, with the support of a range of low-cost home ownership products.”