Emma Reynolds MP, Labour’s Shadow Housing Minister, responding to updated Help to Buy figures, said:

“Any help for first time buyers struggling to get on the property ladder is to be welcomed. But rising demand for housing must be matched with rising supply if this scheme is to bring the cost of housing within the reach of low and middle income earners.

"Instead 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. That’s why Labour has committed to building 200,000 homes a year by 2020.”