The scheme seeks to turn ‘generation rent’ into ‘generation buy,’ this is achieved through the government offering incentives to lenders in order to bring back 95% LTV mortgages.

Martin Stewart, chief executive of The Money Group, said: “My thoughts on this matter are well documented, a free market is not a free market when it is underpinned by government incentives.”

Looking to other government incentives, Stewart believes there was and there is no need for the Stamp Duty Land Tax (SDLT) holiday.

Also revealed during the Spring Budget, the chancellor detailed an extension to the stamp duty holiday.

Stewart said: “It should be left to the banks to decided commercially what lending risk they want to take in terms of minimum deposit requirements.

“I appreciate I am a lone voice in this, but I maintain a healthy property market is one that lives or dies on its own two feet.”