The study by the Home Builders Federation (HBF) found that last year, more than four in five of these housebuyers (81%) were FTBs looking to get on the property ladder.

The report estimates that the £8.9bn the government has invested in the scheme could now be worth £9.8bn, an increase of 10.5%.

Since the scheme launched, housing supply has increased by 74% while planning permissions during the same period are up 88%.

Help to Buy also supported an estimated 150,000 jobs last year through the 48,244 homes sold via the scheme.

Stewart Baseley, executive chairman at HBF, said: “[Help to Buy] has enabled hundreds of thousands of people to realise their dream of owning a home, the vast majority of whom are first-time buyers on average incomes.

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“It has led to an unprecedented increase in housebuilding activity, created tens of thousands of jobs and boosted local economies the length and breadth of the country.”

Stewart added that the scheme had a key part to play in the government reaching its housebuilding targets.

“Government should reflect on the huge impact the scheme is having on individuals keen to realise their dreams of home ownership, on housing supply and on the wider economy.

“Housebuilders continue to invest in the land, materials and people needed to deliver further increases in supply confident in the demand Help to Buy is underpinning.

“Certainty moving forward is now required to enable the increases in housing supply, and the associated social and economic benefits, to continue.”