Help-to-Buy scheme delivered ‘very high value for money,’ review finds
Summary
A government review found that the Help-to-Buy scheme provided strong value for money by helping many people, especially first-time buyers, to buy homes. The scheme supported over 387,000 home purchases and helped some buyers afford homes sooner or buy bigger houses, despite criticisms about its cost and impact on house prices.Key Facts
- The Help-to-Buy scheme created about £25 billion of social value for the UK in the last financial year.
- More than 387,000 people bought homes using the scheme, including over 328,000 first-time buyers.
- Nearly half of the scheme’s users said they could not have bought a home without it.
- The scheme helped buyers get onto the housing ladder earlier or buy larger, more expensive homes.
- Critics said the scheme was costly and may have pushed house prices higher, but the review disagreed with these points.
- Labour politicians have discussed bringing back a similar scheme, but the current government has no plans to do so.
- Previous Help-to-Buy versions included taxpayer-backed loans for deposits and protection for lenders on high-risk mortgages.
- Labour is focusing on increasing housing supply with new social and affordable homes instead of reviving Help-to-Buy.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
