Chris Leslie MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on the government’s update on the Help to Buy scheme, said:

“If the government was serious about helping first-time buyers they would also be bringing forward investment to build more affordable homes. Rising demand for housing must be matched with rising supply, but under this government housebuilding is at its lowest level since the 1920s.

"You can’t deal with the cost-of-living crisis without building more homes. Unless the government acts now to ensure more affordable homes are built then soaring prices risk making it even harder and costlier for people aspiring to buy their first home.

"And the Bank of England should immediately review the details of the scheme, rather than wait a year. For example, why has George Osborne decided that a policy which should be about helping first time buyers will allow taxpayer backed mortgages for homes worth up to £600,000?”

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