The government’s much-criticised Right to Buy proposals were included in the Queen’s Speech on Wednesday and will see housing association tenants given the opportunity to purchase their homes at a large discount.

Communities minister Greg Clark said these homes would all be replaced. But Stephen Johnson, managing director of commercial mortgages at Shawbrook Bank, said these homes would not solve the housing crisis facing the UK.

“We welcome any moves that will help to ease the restricted housing supply this country faces, and the government’s pledges on house building are a step in the right direction,” he said.

“However, these numbers alone will not fill the gap and the private rental sector remains the driving force behind the UK’s property market. This makes it more important than ever to have rental housing that is fit for purpose.”

Johnson said the growth of Right to Buy would see the UK housing market increasingly reliant on the private rental sector.

“We see the move to extend the Right to Buy scheme as part of a wider decline in the supply of social housing available to tenants,” he added.

“By encouraging tenants of housing associations to buy their homes, the government is increasing the reliance of remaining social tenants on availability within the private rental sector. Demand for the private rental sector is therefore the catalyst for the growth of the housing market moving forward.”

“We anticipate that the private rental sector will fall under continued government scrutiny, but at the moment the signs are once again positive for the UK’s property market.”