In the North East, a 5% deposit would require a savings pot of £10,653 for the average new-build homebuyer in the region, followed by Yorkshire and the Humber (£12,130), Scotland (£12,578), Wales (£13,166) and the North West (£13,214).

In London, where a 10% deposit on the average new-build home could cost more than £50,000, the Deposit Unlock scheme will allow homebuyers to purchase with £26,142.

A 5% new-build deposit will still exceed £20,000 on the average home across the South East (£21,422) and the East of England (£20,634).

Bethan Griffiths, chief operating officer, at Warwick Estates, said: “The Help to Buy scheme has helped thousands of homebuyers realise their dream of homeownership and so it’s great to see the first big lender commit to the Deposit Unlock initiative which should provide the continued support needed by many in order to get a foot on the ladder.

“The ability to purchase a new-build with just a 5% deposit will dramatically reduce the initial financial hurdle when looking to buy by as much as £26,000 in some regions, but regardless of where you’re looking to buy it will be a big help.

“Of course, the only downside to schemes such as Help to Buy is that heightened demand does push up property prices and so it’s likely that by the time the Deposit Unlock initiative does launch, further upward growth will have increased the amount required to cover a 5% deposit when compared to current market values.”