L&G boss warns of 'chronic shortage' of new homes

The group chief executive of Legal & General, Nigel Wilson, has told ITV News house prices will keep rising until the Government is bolder in tackling a "chronic shortage" of affordable new homes.

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L&G boss says Help to Buy is "a huge emotional distraction from the main issue" a chronic shortage of new homes.

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Nigel Wilson says society will never get the quantity of new homes it needs unless the government starts building affordable homes.

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Nigel Wilson "the government should be building affordable homes. It worked in the 40s, 50s and 60s, it can work in 21st century as well"

Read: Help to Buy may not be fuel behind soaring house prices

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7,313 Help to Buy mortgages completed in six months

There were 7,313 mortgages completed with the aid of the Help to Buy mortgage guarantee in its first six months, according to data from the Treasury.