The UK’s chief financial secretary to the treasury Greg Clark has backed the coalition’s flagship Help to Buy scheme.

In a blog post on Conservative Home, the Tunbridge Wells MP argued that the programme is simply a spiritual successor to Margaret Thatcher’s Right to Buy project, which allowed council housing tenants to buy their property back from the local council at a discounted price.

Help to Buy is aimed more at getting first-time buyers on the ladder – offering those looking to purchase a home worth under £600,000 the chance to access a 20 per cent interest free loan that can allow people who would not otherwise be able to afford a 25 per cent deposit the chance to access lower repayment rates.

But despite criticism that the move will inflate the market, Mr Clark said the programme is part of a “Conservative tradition”.

The financial secretary added: “Home ownership brings the guarantee that you won’t be uprooted because the landlord gives notice, a valuable source of confidence and stability for many families.”