The total number of properties bought using the Help to Buy equity loan scheme since it started in April 2013 now stands at 291,903, show government figures.

Of all of these, 82 per cent of completions have been by first-time buyers and the total value of all equity loans comes to £17.4bn within a sum property value of £79.2bn.

In the year to September 2020, the figures also show, completions shrank 18 per cent on an annual basis, going from 52,924 to 43,617.

Across the same time frame, FTB completions fell 19 per cent, from 44,279 completions to 35,893.

Since the beginning of the scheme, 55 per cent of all home purchases have been made with a deposit of up to 5 per cent and 23 per cent with a deposit between 5 per cent and 10 per cent, the data adds.

At the same time, 59 per cent of FTBs used a deposit of 5 per cent or less.

Earlier this month, the mortgage industry issued a call to pull together its efforts to complete purchases as the HTB completion deadline was extended by two months to 31 May.

Primis proposition director Vikki Jefferies says: “The extension to the completion deadline for the current scheme further reflects the borrower demand that we have seen recently and will go a long way towards helping first-time buyers achieve their homeownership goals over the coming weeks.

“Current demand is also likely to continue as the financial impact of Covid-19 on households becomes clearer and more first-time buyers look to take advantage of government support to help them get onto the property ladder.”