Help to Buy boost for first-time buyers
First-time buyers are getting a boost when it comes to getting on the property ladder, in the form of an extra £10bn government funding on the Help to Buy scheme.
The announcement from Theresa May was told with the promise of further details about the funding, which is set to help a further 135,000 buyers, would be outlined on 22nd November when the Budget is announced.
Is this a good thing?
In order to win back some of the youthful vote from Labour and Jeremy Corbyn, the Conservatives pushed home the fact that they will help more people buy their first property in the midst of falling home ownership.
In recent years, ownership has dropped to the point where in 2015-16 just 62.9% of 22.8m households across England were owner-occupied - this was 70.9% back in 2003.
Two high profile companies said that they felt this was a bad idea
Polly Neate, the chief executive of housing and homelessness charity Shelter, said Help to Buy has increased house prices and “propped up a speculative development model”.
The executive director of the Adam Smith Institute, Sam Bowman, was also against it, saying: “The property market is totally dysfunctional. Reviving Help to Buy is an astonishingly ill-judged move that may prove economically and politically disastrous for the government.”
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