A total of 7,313 loans were issued between 8 October 2013 and 31 March 2014, according to the Treasury, of which 5,843 went to first-time buyers.

The total value of mortgages supported by the scheme during the time period was £1bn.

Almost half of all loans were for properties worth £125,000 or less, with just over 7 per cent for properties valued at £250,000 and above.

This reflects the fact that the majority of completions through the scheme were outside London. Just 5 per cent were in the capital and 14 per cent in the South East.

A high proportion of purchases supported by the scheme were in the East and North West of England.

Meanwhile, figures reveal some 20,548 homes have been bought using a Help to Buy equity loan in the 13 months since their launch, with 87 per cent of all loans going to first-time buyers.

The equity loan option allows buyers to purchase a new build home with just a five per cent deposit.

Under the mortgage guarantee option, buyers can purchase any home and the government will guarantee part of the loan.