The figures also showed that 143,894 bonuses were paid through the scheme in the same period supporting 106,612 property completions. The average bonus value per ISA was £725.

The scheme enables people saving for their first home to receive a 25% boost to their savings from the Government when they buy a property of £250,000 or less (with a higher price limit of £450,000 in London). This means that for every £200 saved, first-time buyers can receive a government bonus of £50. The maximum government bonus is £3,000. 

Statistics show that over 350,000 people across the UK have now used the government’s Help to Buy schemes with more than 1.1 million now opened so far.

The Help to Buy: ISA scheme was launched on 1 December 2015 with accounts available through banks, building societies and credit unions. 

Figures from the Treasury also showed that 67% of first-time buyers supported by the scheme were between the ages of 25 to 34. The median age of a first-time buyer in the scheme is 27 compared to a median first-time buyer age across the market in the same period of 30. 

Figures by region showed that 79% of bonuses paid were in England and this supported 80% of total property completions through the scheme. London and the South East received 16% of total bonuses paid and made up 17% of total property completions. A higher proportion of property completions was supported by the scheme in the North West, Yorkshire and The Humber. 

Scotland accounted for 9% of property completions, Wales accounted for 5% of property completions and Northern Ireland accounted for 2% of property completions.

A recent survey by Bristol-based investment provider and wealth manager Hargreaves Lansdown revealed that the number of people saving into ISAs with the firm has risen by 40% since January 2016.

The HL figures showed that in less than two years the number of people using ISAs for regular saving has reached 74,010, up 24% since November last year.