The Government's Help to Buy equity loan scheme for new-build properties has seen a steady fall in completions over the last five months.
The first quarter of this year was the slowest since the scheme was launched in 2013, with just 4,628 house completions.
That is a 17% year-on-year fall, according to analysis of data from the Department for Communities and Local Government* (DCLG) by Mortgage Advice Bureau.
It says a greater concern is the significant 43% drop from 8,166 completions in the final quarter of last year.
Andy Frankish, new homes director at Mortgage Advice Bureau, said: "The Help to Buy equity loan has been a great success for helping first-time buyers and those with lower incomes get onto the housing ladder.
"The drop in completions over the last few months at a time when total house building is on the up suggests lenders are putting their weight behind new builds without needing the government incentive.
"It is certainly positive for the economy that house builders no longer look quite so dependent on Help to Buy to grow the housing stock."
But Frankish said house building would rise faster if more could be done through Help to Buy.
"If the scheme was being used to its full capability with better promotion of the scheme on a national level, it would not only help those still struggling to access the housing market but provide a much needed push for house building which is still a great concern and a long way off target."
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