Antonia Horta-Osorio also rebuffed claims that the scheme will spark a house price bubble.

Horta-Osorio said that he was happy with the design of the Help to Buy scheme and that, contrary to popular criticism, he thought it would spark an increase in house building.

“A temporary scheme is the right thing to do as long as it is designed, as this one is, to support first-time buyers. That will lead house builders to increase the construction of new houses and that is one of the biggest drivers of employment in this country.

“I think the confidence of the scheme and the scheme itself is a game changer in terms of broadening our economic recovery and increasing its pace,” he told Sky News.

When questioned about the possibility of a new house price bubble, particularly in London, Horta-Osorio said that he hoped the design of the Help to Buy would mean the scheme has a bigger take-up outside the capital.

“London is a special case and that’s why it is good that the Help to Buy scheme is limited to houses up to £600,000 so it is not directed especially at London. It is directed at the rest of the country where the problems with the housing market are happening.

“I think the limit of £600,000 is appropriate in the present situation where house prices are still below where they were in 2006 and while the banks are in this gradual transition to the proper capital levels and have problems lending above 75% loan-to-value.”