Left MP Michael Meacher warned yesterday that the government's "disastrous" Help to Buy mortgage scheme would spark an artificial housing price boom followed by a collapse.

Prospective home buyers will be enticed to take the plunge into the stormy waters of the housing market with a government-backed offer of 95 per cent mortgages.

"It is utterly contemptible and irresponsible," declared Mr Meacher as Prime Minister David Cameron trumpeted a major extension of the scheme.