The scheme allows buyers to apply for equity loans and benefit from mortgage guarantees on the homes they want.

Since its launch 80% of completions have been made by first-time buyers paying an average of £185,000 per property, although 94% of completions have taken place outside London.

More than half of the deals have been on new-build homes – a success for the policy, which was partly aimed at stimulating the construction industry.

Help to Buy was created in 2013 with the intention of supporting taxpayers who could pay a mortgage, but couldn’t afford the high deposits demanded by lenders in the wake of the financial crisis.

Prime Minister David Cameron said: “Thanks to Help to Buy, the Government has helped thousands of hardworking people that otherwise would have been locked out of home ownership get the keys to their own home and enjoy the security that comes with it.

“ This is all part of our long-term economic plan to secure a better future for Britain – and, together with cutting income tax, lowering council tax bills and freezing fuel duty, the Government is backing those who work hard and get on find the financial security they deserve.”

Chancellor of the Exchequer George Osborne said: “It’s great news that the scheme has now helped almost 90,000 people across the country achieve their dream of buying a new or bigger home.

"We’ve only been able to help thousands of people in the UK because our long-term economic plan is working.

“Through schemes like Help to Buy we’re supporting hard-working taxpayers buy their own home, driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs.”