The annual value of Help to Buy loans broke through the £3bn barrier for the first time last year, according to new figures from the government.

In 2018 loans totalling £3.44bn were approved, up 18% on 2017. The MHCLG said most of the home purchases in the Help to Buy equity loan scheme were made by first time buyers, accounting for 81% of total purchases.

Since the scheme began in 2013 Help to Buy loans worth £11.7bn have funded nearly 211,000 completions with a total market value of £54.5bn.