Chancellor George Osborne's efforts to revive the mortgage market are controversial, without doubt.
There is real danger that the housing sector will become over-cooked and those first-time buyers he is trying to help will be priced out of the market.
We note that the experts at the Ernst and Young ITEM Club, the only non-governmental forecasting group to use HM Treasury's model of the UK economy, take a more optimistic view, believing that Mr Osborne's stimulus plans have been well-timed and will not lead to another housing market bubble. They have boosted their estimate for GDP this year to 1.4 per cent, a figure which compares with 1.1 per cent a quarter earlier, due to the improving outlook for the housing market .
Interestingly, the group said initiatives such as the Help to Buy mortgage guarantee scheme would result in house prices rising by 3.5 per cent this year and by 6.6 per cent in 2014.
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Our question is this: are those improving figures really the good news that they purport to be?
We absolutely support Mr Osborne's motives in wanting to fuel the recovery, but we remain to be convinced that Help to Buy is not a step too far.
In fact, the Chancellor's Help to Buy might actually be called Help to Sell, as the main winners look likely to be developers and existing homeowners who will find it easier to sell at inflated prices.
Pumping more money into a housing market with chronic undersupply has one sure-fire outcome: house prices will go up. At best it may help a small number of new buyers, but it will mean housing becomes more expensive for all those who follow.
The major problem faced by first-time buyers is high prices and the daunting levels of debt needed to enter home ownership.
Of all the policies you could think of to tackle this, it is harder to think of a riskier or more short-termist policy than Help to Buy.
House prices across much of the UK are already unaffordable for young adults and families with ordinary earnings, so this extra upward pressure on prices will create far bigger problems in the future.
If the Government is happy to take on exposure to the housing market, it would be much wiser to invest directly in building more houses, with the focus on targeting areas with the most chronic housing shortages.