Fresh data released today by the Home Builders Federation (HBF) show that in excess of 2,000 people have now reserved new homes through the NewBuy initiative since its launch in March.
The government-backed mortgage indemnity scheme has proved highly popular with homebuyers as it allows purchasers to acquire a new home with a deposit of just 5%.
Since its launch in March, NewBuy has also proved increasingly popular with a range of mortgage lenders and housebuilders, with the 50th developer registering to sell homes through the scheme this week.
Stewart Baseley, executive chairman of HBF, who were part of the team that developed the NewBuy scheme said: "Reaching 2,000 NewBuy reservations clearly demonstrates the customer need for such a scheme.
"Over the coming years NewBuy will make a real difference and help tens of thousands of people realise their ambitions of home ownership.
"In turn this will then help kick-start new home construction, creating economic growth and thousands of jobs across the country."
Commenting on the initiative, Steve Morgan of Redrow Homes recently said: "I applaud the government for the New Buy scheme - it is exactly the kind of mortgage indemnity guarantee (MIG) that the industry needed."
Mr Morgan is now calling on the government to introduce a similar MIG scheme for the second hand market, especially for first-time buyers.
"When a first-time buyer purchases a second hand home, it then frees up someone in the chain to buy a new home," he added.