Help to Buy Scheme

Ministry of Housing, Communities and Local Government written question – answered on 1st July 2019.

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Photo of Lord Kennedy of Southwark Lord Kennedy of Southwark Opposition Whip (Lords), Shadow Spokesperson (Home Affairs), Shadow Spokesperson (Communities and Local Government), Shadow Spokesperson (Housing)

To ask Her Majesty's Government what assessment have they made of the comments of Peter Redfern, Chief Executive of Taylor Wimpey, about the Help to Buy Scheme.

Photo of Lord Bourne of Aberystwyth Lord Bourne of Aberystwyth The Parliamentary Under-Secretary of State for Wales, Parliamentary Under-Secretary (Housing, Communities and Local Government)

Help to Buy: Equity Loan transactions are now around a third of new-build sales, yet they remain a small proportion of overall housing sales (less than 4%), so the scheme is unlikely to have a significant effect on house prices more generally.

The latest independent evaluation of Help to Buy: Equity Loan (of 2015-17) found no evidence of a significant impact on prices overall.

Since the launch of Help to Buy Equity Loan in April 2013, private housing starts are up by 52%.

Help to Buy: Equity Loan has helped over 210,000 households buy a new-build home from its launch in spring 2013 until December 2018. All homes have been new–build, and 81% of sales have been to first-time buyers.

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