The number of properties bought through the Help to Buy scheme in England dropped nearly 9 per cent on an annual basis in the first quarter of this year, shows new government data.

In total, 9,515 property transactions were completed in Q1 2020 compared to 10,405 in Q1 2019.

The total value of completions in Q1 2020 came to £2.9bn compared to £3.1bn in Q1 2019, a drop of just over 6 per cent.

This means that since the scheme’s launch in April 2013, 272,852 properties have been bought through it with the combined value of those properties coming to £73.3bn. And of these, 82 per cent were first-time buyers.

The data also reports that the mean price of an HTB purchase over the lifetime of the scheme is £268,553, and the mean equity loan is £58,820.

Between Q1 2019 and Q1 2020 the mean purchase price of an HTB-bought property moved from £300,418 to £314,930.

Search Acumen director Andy Sommerville says: “The UK’s lockdown and tight safety measures caused an enforced sharp drop in demand for new properties eligible under the HB scheme.

“However, as restrictions start to loosen and government incentives such as raising the Stamp Duty threshold come into play, we are starting to see early signs of an uplift.

“FTBs are more likely to have been hardest hit by the pandemic, meaning they should be prioritised. Ensuring they are given adequate support will be key to speeding up the property market’s recovery.

“In order for the market to meet any surge in demand, we need to cut delays in the sales process through the adoption of technology and better use of data at the very start of the transaction. This will save headaches for conveyancers, ensure housebuilders get paid faster and that buyers can move in quicker, all contributing to a more resilient property market.”