Together with the government’s Help to Buy: NewBuy scheme – which offered 95% mortgages for those buying new-build properties – the number of new homeowners has reached 99,601.

First time buyers received a further boost from the Help to Buy ISA, which the Chancellor announced in the March Budget.

Under this scheme, first time buyers can save up to £200 a month towards their first home and the government will boost their savings by 25% up to a £3,000 bonus.

Chancellor of the Exchequer George Osborne said: “Key to our long-term plan is providing economic security for working people, at every stage in life. The security of owning your own home is a big part of this, which is where Help to Buy comes in. It’s also boosting the economy more widely by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs.

“That’s why I committed £6bn to extend Help to Buy to at least 2020, giving developers certainty so they can plan for future Help to Buy housing schemes and continue to boost housing supply. Today I’ve confirmed the first annual allocation of nearly £1.5 billion, providing funding for Help to Buy equity loan for 2016/17.”

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