13.08.13
Help to Buy ‘working well’ – Pickles
The Government’s ‘Help to Buy’ scheme has attracted 10,000 reservations for new build homes, “kick-starting” the housing market.
Launched in April, Help to Buy has helped push housing supply ot the highest level since 2008 with the number of first time buyers at the highest level since 2007, the DCLG reported.
Over the current Spending Review period, £19.5bn will be spent on affordable housing.
Communities secretary Eric Pickles said: “This Government’s package of measures to boost the housing market is working, with house building and housing supply on the up. The tough decisions we’ve taken to tackle the deficit are now delivering a sustainable increase in housing and providing real help to hard-working people.
“With over 10,000 reservations in four months, it’s clear that the Help to Buy: Equity Loan is working well. By dealing with the big challenges, we are helping thousands of young people and families get on and move up the housing ladder, and Britain is building again.”
But critics have warned that the number of mortgages advanced could lead to another unsustainable housing bubble, and that demand could outstrip supply, pushing prices out of reach.
Campbell Robb, Shelter chief executive, said: “Some will see house price inflation as good news, but with a priced-out generation and their parents worried about their prospects of climbing on to the property ladder, the result will be many people tempted to overstretch themselves before prices rise completely out of reach.”
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