Recent housebuilding figures illustrate new home construction in 2014 totalled 137,010 – 10 per cent higher than in 2013. This is the highest annual total since 2007.

Overall 700,000 new homes have been delivered since the end of 2009. Over 200,000 of which have been since the launch of the Help to Buy scheme.

Peaks in house building starts were seen in Selby and Croydon seeing 251 per cent and 296 per cent increases respectively.

The conservatives also state that its planning system reforms have triggered the increase In house building with 240 homes being granted permission in the year to October.

Housing Minister Brandon Lewis said: “We inherited a broken housing market in which builders couldn’t build, lenders wouldn’t lend and buyers couldn’t buy. We’ve done a lot to help get the housing industry back on its legs, but there’s more to do.”

“Today’s figures show we’re on track and turning this around. Now, housebuilding levels are at their highest annual total since 2007, and first-time buyers are getting on the property ladder in record numbers”.

“This is thanks to our long-term economic plan and efforts to tackle the deficit we inherited, which are keeping interest rates at their record low and mean now is the best time on record to take out a mortgage.”