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 welcome. But rising demand for housing must be matched with rising supply if this scheme is to bring buying a home within the reach of low-and-middle-income earners.

“The Governor of the Bank of England, Mark Carney, has warned about the risks to our economy of a lopsided housing market where housing demand hugely outstrips supply.

“Instead, under David Cameron, house building is at its lowest level in peacetime since the 1920s.

“Labour is clear that you can’t deal with the cost-of-living crisis without building many more homes. That’s why we have committed to getting at least 200,000 homes a year built by 2020.”