The Government’s homeownership schemes are failing those on low and middle incomes, according to a provider of affordable rent to buy homes.

Rentplus calculates that the average household income of those benefitting from the Government’s Help to Buy scheme is £52,000.

This is well above the income of many, including key workers such as nurses who start on £23,000.

One of the biggest barriers to homeownership is the deposit.

Steve Collins, the chief executive of Rentplus explains: ‘The majority of Help to Buy beneficiaries take advantage of being able to put down a minimum 5% deposit but this still requires an average deposit of over £12,000.’

‘For most of those on average or below average wages, this is unaffordable.

‘The problem is that many people paying rent each month have little money left to save towards a deposit and the Government schemes don’t address this.’