A report on the BBC’s Newsnight programme last night said dramatic house price rises had already greatly reduced the scheme’s impact.
Recent figures have showed prices rises occuring in many areas of the country with property prices in London and the South East increasing rapidly.
When questioned, Hopkins said prices were still lower than the peak of the financial crash and added homeowners were right to expect house prices to rise after purchase.
“You have got to say where we were in 2008 and 2010, we’re nowhere near those prices at this moment in time.
“There are a lot of people out there who haven’t reached the value of their house that they purchased. I bought a house and I expect the value to rise.”
Hopkins then declined to answer how many homes he thought should be built each year and denied the government was stoking housing demand with its housing market scheme.
“I want to see more houses being built and we’re seeing more houses being built. In London there is a 26 year high in house building.
“The key thing is making sure affordable houses are being built. It’s about making sure we’ve got a planning system that supports the building of houses.”