<p>The shadow chancellor Ed Balls has called for the Bank of England to carry out an urgent review of the government's Help to Buy mortgage initiative which he says is boosting demand without increasing housing supply.</p> <p>In an article penned on the Politics Home website, Balls says that stamp duty receipts are up 39% reflecting a booming housing market in parts of the country. "But by boosting demand with Help to Buiy while failing to take action to boost housing supply, (the chancellor) George Osborne risks making home ownership even further out of reach of the aspiring first time buyers the scheme should be helping."</p> <p>He added: "I believe the Bank of England must now urgently review the details of the Help to Buy scheme. How can it make sense for&nbsp;a scheme that should be about helping first time buyers to offer tax payer-backed mortgages on homes worth up to &pound;600,000?"</p> <p>Balls also urged the government to bring forward &pound;10 billion of infrastructure investment this year and next year "which could be used to build 400,000 affordable homes".</p>