According to data published by the Office for National Statistics (ONS), almost 500,000 homebuyers have benefitted from using one of the government's Help to Buy schemes.
The data revealed that, since 2013, 494,108 transactions have taken place using a government Help to Buy scheme.
According to the data, first-time buyers accounted for 430,000 of the total Help to Buy completion rate. The ONS figures in regard to Help to Buy ISAs show that 194,379 completions have taken place since the launch of the ISA in December 2015.
The Help to Buy ISA provides a tax-free savings account for first-time buyers wishing to save for a home. Savings are limited to a monthly maximum of £200, with the option to deposit an additional £1,000 when the account is first opened. The government provides a 25% bonus on the total amount saved, including interest, capped at a maximum of £3,000, which is tax-free. The bonus can be put towards a first home with a purchase value of £450,000 or less in London, or £250,000 or less in the rest of the UK.
Meanwhile, since its launch in April 2013, the Help to Buy Equity Loan Scheme has helped 195,219 homebuyers to purchase property, according to the data.
Commenting on the figures, Chancellor Philip Hammond said: 'This government supports those who dream of owning their own home and wants to help them take the first step onto the property ladder. That's why we've cut stamp duty and extended the Help to Buy Equity Loan Scheme to run until March 2023, supporting half a million more home purchases.'