The number of properties purchased via the Help to Buy scheme in the first quarter of the year dropped 65% compared with the same period in 2021, according to the latest statistics from the Department for Levelling Up, Housing and Communities.

The figures reveal that 5,395 homes were bought through the scheme in the first three months of the year, down by 48% compared to Q1 2019.

Between January and March this year the total value of equity loans was £448m and supported the purchase of £1.7bn worth of property.

From a regional perspective, completions fell by the greatest margin in the North East, dropping by 85% compared to the first quarter of last year and 77% compared to Q1 2019.

Completions in London fell by the smallest amount, down 32% and 15% on the first quarter of 2021 and 2019 respectively.

Reflecting on the latest Help to Buy data, Anthony Codling, head of property search platform Twindig, said: “The latest Help to Buy statistics saw the number of first-time buyers helped fall by 40% compared to the previous quarter and by 65% compared to the same period last year, as house prices continue to rise and deposit gaps widen how will Generation Rent become Generation Buy if help to buy is running out of steam?”