“Help to Buy equity loans and stamp duty cuts are driving new price extremes. Now it’s five percent deposit mortgages.
“Whether in the long run this all helps or hinders is complex, but it is odd that while we bemoan most price rises, many celebrate them when it’s housing.”
This is not the first time a government-backed scheme has seen disappointing numbers in its first few months.
A similar programme had been put into place after the financial crisis although its duration spanned until 2016.