TUC general secretary Frances O’Grady has become the latest person to criticise the government’s second phase of its Help to Buy scheme.

She said: “This is not so much Help to Buy as Help to Sell – even for those selling £600,000 properties beyond the dreams of most first-time buyers.

“First-time buyers are desperate to get a foot on the housing ladder and deserve help, but this scheme offers loans with a built-in pay-off for the Chancellor in a way that will push up house prices. It’s good for sellers, but poor value for buyers.

“And worst of all it will not build a single extra affordable home – the only long-term solution to our housing crisis.”