More than half a million people have opened a Help to Buy ISA since the scheme was launched in December 2015.
The Help to Buy ISA allows people to save up to £200 a month while receiving a 25% government bonus.
The figures show that the average price of a home purchased using a Help to Buy scheme is £189,795 – a figure below the national average of £292,000.
94% of property sales using the scheme have taken place outside London while over half of completions have been for new build homes.
- 129,000 first-time buyers have used a Help to Buy scheme
- 1,000 households a month on average have purchased their own home through Right to Buy since 2012
- 309,000 households have made use of government backed schemes since 2010.
Peter Andrew, deputy chairman of the Home Builders Federation, said:
“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.”
Help to Buy schemes
Alongside the Help to Buy ISA, there are affordable home ownership schemes available for those looking to purchase a property.
Those with a 5% deposit can receive a 20% low-interest loan towards a new build home worth up to £600,000 (or £300,000 in Wales). There is a separate scheme in Scotland.
A mortgage guarantee to buy a home worth £600,000 or less with a 5% deposit.