Figures released by the Government show 2,384 applications have been accepted, potentially representing £365m of new mortgage lending.

The Government said ten of these applications had already been completed, five each at RBS/NatWest and Halifax.

Although Halifax, NatWest and Royal Bank of Scotland are the only brands currently offering products under the scheme, the Government estimates 65% of the UK mortgage market is now either active or have pledged to join the scheme.

Halifax is the only lender to offer Help to Buy phase two products through mortgage brokers but the split of business has been even with RBS brands agreeing 1,080 deals and Halifax the remainder. This would equal £171.6m in home loans from RBS and around £193m from Halifax.

The average loan size under the scheme so far has been £155,000, typically used to buy houses worth £163,000. The government said more than 75% of applications were received outside of London and the South East.

A breakdown of RBS’ Help to Buy activity showed the highest number of applicants have been from the North West, South East and Scotland:

– The average purchase price in the North West is £134,427 and average combined salary (for joint applicants) is £40,856
– The average purchase price in the South East is £209,068 and average combined salary is £56,849
– The average purchase price in Scotland is £117,619 and average combined salary is £36,698.

The Government said more than three-in-four Help to Buy applications are made by first-time buyers.

Prime Minister David Cameron said: “Four weeks in and it’s clear that Help to Buy is already delivering. In just one month, over 2,000 people have been accepted for a Help to Buy mortgage.

“But the best thing about Help to Buy isn’t the statistics – it’s who is really benefiting. Most Help to Buy applicants are first-time buyers, young and have a roughly average household income.”

Lloyd Cochrane, head of mortgages at NatWest and RBS, said: “Four weeks ago I said that we wanted to help as many customers as possible to take that important first or next step on the property ladder. We’ve been helping over 1,000 customers with their application and we’re already seeing some move into their new home.

“These are majority young first-time buyers who, without Help to Buy, wouldn’t have been able to consider a mortgage or buy a home and we’re committed to helping as many more customers as we can.”