Buyers who have flocked to take advantage of the Help to Buy scheme are NOT overheating the housing market, according to lenders.

Kent developers have reported brisk sales since the introduction of the government-backed scheme, which helps those unable to raise a large deposit.

But, in reaction to latest government figures of the take up of Help to Buy, the Council of Mortgage Lenders says fears the market would overheat seem unfounded.

It quoted figures showing only 4% of all mortgages for house purchase have involved either of the Help to Buy products (mortgage guarantee or equity loan) over the period April 2013 to March 2014.

Some 45% of the properties bought involving a Help to Buy mortgage guarantee were for cheaper properties costing up to £125,000. Only 7% of Help to Buy transactions were for properties over £250,000.

Commenting on the new data, CML director general Paul Smee said: “Broadly, we should be reassured by the latest data on Help to Buy.

“The policy appears to be reaching the geographical parts of the market where recovery has been weakest, while accounting for only a small proportion of business in those areas where the market is more active.

“On the basis of these figures, the scheme appears to be successfully reaching its target group of creditworthy borrowers who would otherwise be unable to buy until they had accumulated a more significant deposit.”

He added: “Lenders are always mindful of what their customers can afford.

“Throughout the UK, the proportion of business accounted for by Help to Buy has to date been modest overall. Any worry that the scheme risks stoking a housing boom fortunately does not seem to be playing out in practice so far.”

Kent developers who have attributed brisk sales in part to the Help to Buy scheme include Hillreed Homes.

Jo Richards, head of sales and marketing, said the scheme had been an “important factor”.

She added: “The past few months have proved enormously hectic as the demand for new homes increases month on month.”

The Help to Buy scheme allows buyers to proceed with just a 5% deposit. With the aid of a Government 20% equity loan, the buyer benefits from the first five years being interest free.

Bank of England Governor Mark Carney is among those who have warned Help to Buy could cause a sharply surging housing market followed by a fragile property price bubble.