Nearly half of brokers fear Help to Buy is creating a property market bubble.
Some 49% of brokers fear are concerned that the government stimulus scheme could lead to longer-term property market problems, according to a new survey from United Trust Bank.
But most continue to support the controversial scheme for now, with 67% saying it is having a positive impact on the residential property market.
The survey follows recent figures from Nationwide showing UK house prices rose 7.1% in the past 12 months and a whopping 14.9% in London.
This renewed fears of a looming property bubble, especially in the capital.
Noel Meredith, director at United Trust Bank, said: “It is clear that sales activity in the residential market has been increasing over the past year.
"Initiatives such as the Funding for Lending (FLS) and the Help to Buy schemes have certainly helped to provide a boost in many areas by making it easier for those with smaller deposits to buy new homes.
“However, there is clearly some uncertainty over how beneficial these schemes will turn out to be over the longer term and what damage could be done by creating an artificial bubble.
"The news that the Bank of England under Mark Carney has withdrawn FLS support for mortgages is a strong indicator that he shares many brokers’ concerns that house price inflation could get out of hand if left unchecked."
Help to Buy should be unaffected for now, Meredith said, because of its important role in the wider recovery of the UK residential property market.
"But it does require mortgage lenders to maintain their appetite for providing 95% mortgages at competitive interest rates.
"This means that the government will almost certainly have to continue to provide lenders with mortgage guarantees in the first quarter of 2014 at least.”
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