Over 500,000 people have opened Help to Buy ISAs, according to new figures released by the Government.

The Government reported that its scheme has now helped more than 160,000 buy a home and 80% of those have been made by first time buyers.

Chancellor George Osborne claimed the figures were ‘hugely encouraging’, considering that half a million people have now opened a Help to Buy Isa.

He said: “The government’s Help to Buy schemes offer responsible lending, and the vast majority of those who are benefiting are first time buyers.”

Source: Treasury report

The highest number of homes completed through both the Help to Buy ISA and mortgage guarantee schemes was in the North East, whilst the equity loan, a scheme responsible for new homes, was more popular in the South East.

As a result, the mean value of a property purchased through the scheme is £163,821, which is over £100,000 cheaper than the national house price.

Officials said that 2,090 bonuses have been paid through the scheme with an average bonus of £421.

First time and second time buyers in London have also been supported by the London Help to Buy scheme which was launched in February.