19 Nov 2019 15:40
Help to buy has benefitted the house builders far more than anybody else.
Government uses tax payers money to help house builders make billions who in turn pay the fat cat executives obscene bonuses, an outrageous £100 million bonus for the Persimmon CEO I think was the straw that broke the camels back when he was asked to do the honourable thing and quit. Sure he'll bounce back though. Worth mentioning he wasn't the only one in the industry absolutely coining it in from the help to buy scheme.
The 2015 Tory manifesto that promised to build loads of affordable starter homes for young, low income first time buyers didn't come to fruition either. Funny that.
posted 19 Nov 2019 15:45, edited 19 Nov 2019 15:45
Help to buy was introduced in 2013, property prices have increased year on year since then however still remain below the highs of pre 2008 and the financial crash. What do you think was keeping house prices high prior to the introduction of help to buy?
Edit - I agree with Justin re help to buy benefitting house builders
19 Nov 2019 20:39
All im saying is house prices are too high, so if theyre too high they should correct in time. but the government giving peeps cash to afford expensive houses doesnt make sense to me
19 Nov 2019 20:53
£100m bonus mate so someone's doing alright out of it
19 Nov 2019 21:25
How is that isolated, show me a big house builder who hasn't absolutely plundered it since help to buy came in.
I remember reading an article that said approx. 50% of Persimmon new builds were bought using help to buy. HALF of the demand came from help to buy. With unprecendented demand and the age old lack of supply in this country only one thing was inevitable - new build house prices would go up as people who otherwise wouldn't have been able to afford the half a million quid house can now stretch to it when the tax payer is stumping up 20% of the deposit - you only need to find 5% yourself to get a decent mortgage
19 Nov 2019 21:29
There's no upper limit on earnings either - if you're smashing a few hundred K a year in the city you can still take advantage of the scheme!
19 Nov 2019 22:08
Fuck right now, we're talking about YEARS of taxpayers money lining the pockets of the mega rich off the back of a scheme the Tories sold as helping those most in need to afford to get on the housing ladder.
Reality is you don't have to be a first time buyer or struggling - you can be a fucking millionaire and still take advantage of the scheme to get a 20% interest free loan (paid for with tax payers money). Scandalous
19 Nov 2019 22:24
everyone is aware it should be limited. there are similarly flawed schemes at the other end of the spectrum, which diminish social housing numbers.
19 Nov 2019 22:59
Ah shit, I take my outrage back then (said no-one ever)
20 Nov 2019 08:53
If you get a mortgage at 46, by the time you're 76 (if you live that long) you might have paid it off. You can't take with you to the next life and you've got no one to leave it to in this one.
20 Nov 2019 13:01
im in the process of buying a gaff at 40 years old in south london. its a fucking arseache, added to the fact Im self employed. the amount of deposit i have to stump up is obscene for a one bed place but have to do it now or never will.