A government press release on Help to Buy emphasised
getting people on to the housing ladder and supporting ‘responsible lending’.
Accompanying statistics, however, show it is failing to help those on normal
incomes. Of those using Help to Buy Equity, 1 in 5 are already homeowners and
the incomes of those using the scheme are higher than those of young renters in
the regions of England where it is most popular. The median gross income of
households under 40 renting outside London is £31,500 but for those who bought
with Help to Buy it is £43,000– over £11,000 higher. The government’s own
evaluation acknowledges that over half of those using Help to Buy Equity could
have bought something similar without it. Read more on the Shelter blog.
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