Theresa May pledged at her opening conference speech on Monday that Government would invest a further £10 bn by 2021 in the Help to Buy scheme which allows people to purchase homes with five percent deposits supported by twenty percent equity loans from the state. The Government claims this will help an additional 135 000 to buy homes by 2021.
Some young people currently unable to afford deposits will no doubt be assisted by this new investment. Around 130,000 have already bought through the scheme since 2013, and the Government claims 80 percent of these are first-time buyers.
However the major beneficiaries of the initiative will be existing home owners – who will (more…)