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The problem is driving up demand without increasing the supply of housing is a recipe for disaster, and Help to Buy is likely to push homes even further out of reach by inflating a house price bubble.
The ONS figures, which do not include cash purchases, could make worrying reading for policymakers who have been warned of the dangers of inflating a house price bubble with the launch of the second phase of the Help to Buy scheme in January.
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But by inflating a house-price bubble and encouraging households to borrow more, the Fed has merely delayed the day of reckoning.
But some economists and housing experts have warned the scheme is inflating a house-price bubble that could leave buyers struggling if prices fall sharply.
Artificially low mortgage rates are inflating a housing bubble with potentially difficult consequences.
We got into this mess in the first place by inflating a housing bubble to soften the effects of the bursting of the tech bubble.
George Osborne on Wednesday insisted he was not inflating a housing bubble, despite official data showing property prices in England have broken through their pre-crisis peak.
The organisation, which represents banks and building societies, added the scheme must be matched with a similar focus on boosting the supply of new housing to avoid inflating a housing bubble.
He would offer continuity and a safe pair of hands.Yet how can The Economist endorse Mr Greenspan's right-hand man, when we have long criticised the chairman for failing to curb the stockmarket bubble in the late 1990s, and later for propping up the economy by inflating a housing bubble?
But by keeping interest rates low to cushion the economy from a slump in share prices, some central banks may have inflated a housing bubble.
Incidentally, Mr Hoenig was one of the first people at the Fed who warned that the sharp interest-rate cuts in 2001 might inflate a housing bubble.
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