Over 27,000 people across the country have bought a new home through the government's Help to Buy scheme, according to data released by No. 10.

In total, 27,861 households have been helped by the scheme, which is aimed at benefiting first-time buyers.

The Help to Buy Equity Loan enables people to buy a newly-built home with a deposit of at least 5% of the property price, while the government offers a loan of up to 20%. The rest is covered by a mortgage.

The Mortgage Guarantee offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.

The Help to Buy scheme has been extended up to March 2020 with a further £6bn, which the government says will support the construction of up to 200,000 new homes.

74% of the homes bought through Help to Buy are new-build properties, according to No. 10. Private house building is up 34% since the launch of Help to Buy.

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The figures released by the government reveal that 85% of Help to Buy sales are to first-time buyers. The average house price for the combined schemes stands at £191,295, or £151,597 for mortgage guarantee and £204,805 under the equity loan scheme, all of which are below the UK average house price of £252,000.

Prime Minister David Cameron said: "For those without rich parents, the dream of home ownership remained just that: a dream. That is why we brought in Help to Buy.

"Today, Help to Buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country. It is an important part of our long term plan to back those who want to get on and to secure a better future for Britain."

Home Builders Federation Executive Chairman Stewart Baseley said: "After a number of years when house building levels fell to a record low level, all indicators show supply is now increasing rapidly.

"The Help to Buy Equity Loan scheme is supporting demand for new build homes - and if buyers can buy, builders can build. Its extension provides certainty about longer–term demand that will allow the industry to plan ahead, rebuild capacity lost in the downturn and ultimately deliver sustainable increases in supply.

"This is providing desperately needed homes and also creating tens of thousands of jobs on sites across the country and in the supply chain."

(IT)