Theresa May's Government has announced the end of help-to-buy mortgage guarantee scheme in another significant break with David Cameron's legacy.

The flagship scheme, which was unveiled by George Osborne in 2013, offered first-time buyers the opportunity to purchase a home with a Government-backed loan worth up to 95 per cent of the value of the property.

Philip Hammond, the Chancellor, said that more than 30 commercial lenders are now offering loans outside the scheme, meaning that the "specific purpose" of the scheme has now been "successfully" achieved.

The end of the scheme led to concerns that first-time buyers could find it even more difficult to get onto the property ladder with small deposits.

It had been due to close at the end of this year but experts have called for it to be replaced amid concerns that the market for first-time buyers is already going into decline.