In April, the Welsh government announced that as a result of the more comprehensive Help to Buy scheme, it had cancelled its flagship NewBuy Cymru scheme just weeks before its planned launch.

CML director general Paul Smee said he was sorry the changes in English government policy had put an obstacle in the launch of the Welsh scheme: “We do not expect significant volume to enter the NewBuy scheme once the Help to Buy suite is up and running, although I do not advocate its premature closure as I think that there may be instances where its especial features appeal to builders and lenders alike.”

“As for the Welsh scheme, I understand that all involved are still considering whether it can be launched in some form or other, especially whilst the Welsh Government considers if it should develop a scheme along the lines of the Help to Buy initiative. If so, I wish it well and confirm that we will help as appropriate and as requested.”

George Osborne’s announcement in March of the two-pronged Help to Buy scheme came as a surprise to those working on the Welsh NewBuy scheme, which had been intended to support the building of 3,000 new homes.

The Labour-led government decided to scrap it six weeks before the planned launch, on the basis the UK-wide Help to Buy offered less financial risk.

Smee said the success of the Welsh scheme would depend on having clear and achievable outcomes: “I think that the NewBuy experience has confirmed my wish for clear success criteria and robust exit strategies.”