Over 500,000 people have opened a Help to Buy ISA, and over 160,000 people have used the scheme to secure their first property.

The Help to Buy ISA offers first-time buyers a bonus of up to £3,000.

New figures show that on average house prices being purchased with support from the scheme reached £189,795 – below the national average of £292,000.

94% of sales using the scheme have taken place outside London and over half of Help to Buy sales have been for new build homes.

Figures also show:

• More than a 1,000 households a month on average have purchased their own home through Right to Buy
• 3,250 people bought a new home under the scheme between January and March 2016
• 309,000 households have now made use of government backed schemes since 2010.
  Communities Secretary Greg Clark, said:

“Today’s figures clearly show how we’re helping people realise home ownership dream, with 141 new homeowners a day and thousands of households helped every month through government-backed schemes.”

Peter Andrew, deputy chairman at the Home Builders Federation, added:

“The various Help to Buy schemes are really making a difference, helping people to save for and buy a new build home and so driving demand, and in turn housing supply.”