Property News · October 21, 2017

Help to buy has mostly helped housebuilders boost profits


A Morgan Stanley report shows the government’s subsidy has driven up the price of new-build homes – and now it is lining up another £10bnThe chancellor, Philip Hammond, is lining up another £10bn to extend the “help to buy” programme first launched by George Osborne in 2013, which has already sucked up £10bn of taxpayers’ cash. Yet a report from Morgan Stanley – not usually the type to stick the knife into a flagship government policy – lays bare how this colossal sum has been almost entirely wasted.Those billions have not helped buyers. The money has gone almost entirely into the pockets of the giant housebuilding firms, which have raised the price of developments by almost exactly the amount made available by the government. All it has meant for first-time buyers is more misery – by pushing up house prices. Continue reading…

Source : theguardian.com
Read more…Help to buy has mostly helped housebuilders boost profits

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