Help to Buy Scheme: Greenwich

Ministry of Housing, Communities and Local Government written question – answered at on 8 June 2018.

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Photo of Matthew Pennycook Matthew Pennycook Shadow Minister (Exiting the European Union)

To ask the Secretary of State for Housing, Communities and Local Government, if he will make an assessment of the effect on the public purse of Help to Buy equity loans being redeemed at a fraction of their original value on leasehold properties on New Capital Quay development in Greenwich whose valuation has significantly decreased because of blight resulting from cladding and insulation throughout that site failing category 3 safety tests arranged through his Department; whether his Department is taking steps to reduce the effect on the public purse of such valuations; and if he will make a statement.

Photo of Dominic Raab Dominic Raab Minister of State (Housing, Communities and Local Government)

Holding answer received on 06 June 2018

Homes England have identified 29 flats where Help to Buy: Equity Loan held a share of the equity for the New Capital Quay development. Further work is ongoing to validate this information.

The Department has not made an assessment of the future valuation of such properties because it would rely on the individual situation and judgement of an independent valuer at the time the property owner decides they wish to redeem their equity loan.

Does this answer the above question?

Yes1 person thinks so

No2 people think not

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