A modular homes specialist has called for his industry to be offered incentives after the government released figures which show the value of loans distributed under its Help to Buy scheme had amounted to nearly £11bn since the initiative began in 2013.

Joseph Daniels, founder of modular housebuilder Project Etopia, said recently-announced changes to the scheme, which include being limited to first time buyers from 2021, would take the heat out of the market before it finally closes two years later.

“This presents an opportunity for policy makers to focus their attention elsewhere. The country needs to get the balance right between new building and demand-side measures like Help to Buy, which simply improve the financial position of prospective buyers.”