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Jack Dromey MP, Labour’s Shadow Housing Minister, responding to comments by the OBR’s Steve Nickell  before the Treasury Select Committee, said:

“The OBR have said that the Government’s Help to Buy scheme will push up house prices but have limited impact in increasing badly-needed house building.

“Labour welcomes help for first time buyers who are struggling to get on the property ladder, but we do not want to see the dreams of the next generation dashed as rising property prices put the dream of home ownership beyond their grasp. The truth is the government has failed to invest in building the affordable homes we desperately need and house building has fallen to its lowest levels since the 1920s.

“The Budget represented a huge missed opportunity to get Britain building.

“And nearly a week since the Budget it’s extraordinary that Ministers are still unable to rule out people using their flagship mortgage scheme to buy second homes. That cannot be the right priority when we should be helping first time buyers and people who find themselves shut out of the housing market.”

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