Labour: Help to Buy will boost prices not affordability
11 November 2013 Last updated at 13:31 GMT
Shadow Chief Secretary to the Treasury Chris Leslie has said the government's Help to Buy scheme is stoking demand but doing nothing to supply new housing.
He was speaking to BBC News after two major lenders - RBS and Halifax - said they had received a total of 2,384 applications, potentially worth £365m in mortgages in the first month of the extended scheme.
"The prices of those properties is just going to get more out of reach and this concept of affordability will just be a mirage," said Mr Leslie.