Chancellor George Osborne has announced plans to extend the Help to Buy 1 scheme until 2020, after it experienced better than expected results.

The scheme, which concerns only new builds, was initially rolled out on a short-term basis, with a view to help stimulate the building trade and meet growing housing demand.

Whilst some have claimed it is responsible for artificially inflating Britain’s housing market, many others have hailed the scheme as a success, arguing it enabled first-time buyers to finally become owners.

In light of this, Osborne has said the scheme will now run until at least 2020, with some 120,000 new properties expected to be built during this time. Of these, around 15,000 could be in a new garden city development near Ebbsfleet in Kent.

A total of £6 billion is expected to be ploughed into this new extension, introducertoday.co.uk notes.

Whilst Osborne was keen to announce exactly what he had planned for Help to Buy 1, he refused to be drawn on the second iteration, which only concerns existing homes. As this is said to inflate house prices but not provide a boost for developers, it could be phased out much earlier.

In an appearance on ‘The Andrew Marr Show’, bbc.co.uk notes Osborne as saying: “Britain has to get building. A key part of economic security is the security of being able to afford your own home.”