The chief of housebuilding firm Taylor Wimpey has warned against the extension of the Help to Buy scheme.

While the scheme is scheduled to finish in 2016, although George Osborne is yet to rule out its prolongation.

Pete Redfern told the Independent: “I absolutely would not advocate any long-term extension to Help to Buy.

“Any industry which has long-term government support tends to suffer in the longer term,” he added.

Mr Redfern suggested the scheme should be reduced over 12 to 18 months to taper it slowly, as opposed to instantly stopping it.

Taylor Wimpey recently announced its order book stood at 6,627 properties, which marks an increase of 11 per cent on a year earlier and a 27 per cent rise in value to £1.2 billion.

Overall house completions rose seven per cent to 11,696 last year, enabling more than 2,900 families to get onto or take a step up the housing ladder.

Its rival, Barratt Development, also revealed its profits had increased over the last year, thanks to the government’s flagship housing scheme.