HOUSE builders in the UK have praised the Government’s flagship Help to Buy scheme and point out that it is delivering on all objectives as well as helping the industry to create more jobs.

The Home Builders Federation (HBF) has spoken out at a time when the policy has come under threat with some experts saying it should not be continued.

However, the HBF says that it should be lauded.

It points out that housing supply has increased by 74 per cent and the value of Government investment is up an estimated 10.5 per cent, around £1 billion and 150,000 jobs have been supported and sustained due to extra supply.

The report reveals that 170,000 homes were purchased through the scheme between April 13 and March 18. Of these more than four out of five were bought by first time buyers.

In total it is estimated it has enabled some 246,000 individuals get on to the housing ladder.

In 2017 the median household income for those using the scheme was £49,000.

There is no evidence to suggest that the market could support high loan to value mortgages should the scheme be withdrawn, with just 3.3 per cent of new lending in the first quarter of 2018 at 90 per cent or above, it says.

Since the scheme launched housing supply has increased by an unprecedented 74 per cent, the fastest increase on record, to supply levels last seen in the 1950s.

Planning permissions, a strong indicator of future supply, are up 88 per cent over the same period.