RICS has responded to the British Governments launch of the new Homebuy Mortgage, which will help existing tenants of local authorities and housing associations buy their own home on the open market.

RICS head of economics, Milan Khatri, said: "The scheme is so small that it will account for less than half of one percent of transactions per year, benefiting only 20,000 buyers over five years.

The decline in government sponsored housing over the last twenty years is the single most important factor in the affordability crisis for those most in need.

Only 21,000 publicly sponsored homes were built last year, compared to 110,000 in 1980."