The fund is still to be fully evaluated by the Scottish Government, however, Mr Stewart has said it has been a “huge success”.

The new scheme has been particularly popular since the housing market reopened in June and is expected to support more than 8,000 households into home ownership by the end of the financial year.

Funding available for the scheme has already been increased from £150 million to £200m as a result of changes in the housing market because of the coronavirus pandemic.

Homebuyers who are completing purchases this financial year have until 6pm on 2 October to apply.

Kevin Stewart, housing minister, said: “The fund has been especially important since property sales resumed over the summer, and we invested a further £50 million in July to help ensure that first-time buyers could still access the market despite changes to mortgages caused by the coronavirus (COVID-19) pandemic.

“While the scheme is almost fully subscribed for 2020-21, I am pleased to say that I will reopen the pilot for the next financial year, and look forward to announcing further details of this in due course.

“In the meantime, first-time buyers will still be able to access shared equity schemes including Help to Buy (Scotland) and LIFT (the Low-cost Initiative for First Time Buyers), and I would encourage them to consider these options.”

Cameron McKenzie, who bought a two-bedroom flat in Pilton, Edinburgh, through the fund, added: “Thanks to the First Home Fund we bought our first home far earlier than we ever imagined, especially during these uncertain times! The application process was easy to understand and Link staff were very helpful.”