Home Residential PropertyHelp-To-BuyHomebuyers unconvinced about the return of Help to Buy

Homebuyers unconvinced about the return of Help to Buy

by LLP Finance Reporter
10th May 23 3:45 pm

The latest research by estate agent comparison site, GetAgent.co.uk, has shown that while 81% of homebuyers want to see the government do more to address the housing crisis and reduce the cost of homeownership, just 46% think the Help to Buy scheme should be re-introduced, with 79% believing itโ€™s nothing more than attempt to win votes by Rishi Sunak.ย 

A decade after it was first launched and just months after its final closing deadline, it looks as though Help to Buy could be back on the table for the nationโ€™s first-time buyers. However, a survey of first-time buyers, commissioned by GetAgent, has found that the majority donโ€™t want to see it re-introduced.ย 

The survey from GetAgent found that 80% of first-time buyers think that house prices are too high, with 37% stating they need additional financial help when attempting to climb the property ladder.ย 

81% also believe that the government needs to do more to address the housing crisis and help reduce the high cost of homeownership.ย 

However, 52% stated that they didnโ€™t think schemes such as Help to Buy, that drive demand without addressing supply, were a good idea.ย 

Whatโ€™s more 54% donโ€™t think that the Help to Buy scheme should be introduced and as many as 79% believe that in doing so, Rishi Sunak is simply looking to secure votes at the next general election, rather than genuinely trying to help first-time buyers.ย 

Co-founder and CEO of GetAgent.co.uk, Colby Short said, โ€œAs with any whisperings on government housing policy, we wonโ€™t really know what Help to Buy 2.0 looks like until it is fully announced. However, weโ€™ve seen numerous reboots in previous years and while they have been tweaked in one form or another, the criticism has remained largely the same.ย 

Fuelling demand without addressing supply is a short term fix to a long term problem and, in doing so, only drives house prices ever higher to the detriment of those such schemes are supposed to help.ย 

Unfortunately, the governmentโ€™s record on delivering more homes speaks for itself and so itโ€™s no surprise that todayโ€™s homebuyers are highly sceptical of the re-introduction of Help to Buy.โ€

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