The average value of a property bought through the Help to Buy ISA is £178,220, compared to an average first-time buyer property price of £241,502 and an average property price of £288,000.

Since the launch of the Help to Buy ISA, 612,426 property completions have been supported by the scheme.

Data shows that 795,759 bonuses have been paid through the scheme, totalling £1.0bn, with an average bonus value of £1,291.

Hargreaves Lansdown head of personal finance Sarah Coles says: “The Help to Buy ISA zombie is slowly stumbling to the bitter end. At this rate, the number of properties bought through the scheme in 2024 will be down around 60% from the peak in 2021.”

“It has been almost five years since the Help to Buy ISA closed to new entrants, and although bonuses can be claimed until 2030, the number of people in the scheme is dwindling. The fact it’s a closed market means these ISAs are dying on their feet.”

However, Coles says: “The government hasn’t focused on ensuring the product remains particularly useful. It means that since the scheme was launched nine years ago, the savings limits haven’t budged, and after the first month you can only pay in £200 a month.”

“The government bonus is also capped at £3,000, so in total you can build a deposit of £15,000. It’s less than 5% of the price of the average property.”