The Government has revealed that the Help to Buy ISA scheme has resulted in 1,490 property completions since its launch in December 2015.
The data also shows that 2,090 bonuses have been paid through the scheme with an average value of £421.
The highest proportion of property completions with the support of the scheme is in the North West and Yorkshire and the Humber, with a lower proportion in London and the South East.
The mean value of a property purchased through the scheme is £163,821, compared to a national average house price of £292,000.
The average age of a first time buyer in the scheme is 29 compared to a national first time buyer median age of 30.
First-time buyers using the scheme are entitled to a Government bonus of 25 per cent of the final balance of their savings capped at £3,000 on £12,000 of savings
The Help to Buy Isa scheme remains open to new savers until 30 November 2019, but it is set to be eclipsed by the Lifetime ISA which launches in April next year.
Hargreaves Lansdown chartered financial planner Danny Cox says: “The popularity of Help to Buy ISA shows the never ending attraction of bricks and mortar. It also shows that setting the right incentives in a popular market, and engaging with the industry are key to the success of new product initiatives.
“Mortgage providers see H2B ISA as a way of attracting future borrowers and it’s not a surprise to see the best buys offered from the ISA arms of mortgage lenders. Virgin Money being a current best buy offering 3 per cent which is substantially above the best buy standard cash ISA rates (1.3 per cent easy access).
“For the time being, H2B ISA is a no-brainer for those saving toward their first home, even if ultimately their savings are used for a different purpose.
“However from April 2017, Lifetime ISA will become the savings scheme of choice.”