At the last Budget, chancellor George Osborne “reached for the home-ownership Viagra” when he announced measures to encourage people onto the housing ladder, says Kamal Ahmed in The Daily Telegraph.
Under the first phase of the Help to Buy scheme, purchasers of new-build homes can put down a deposit of just 5%, with the government providing interest-free loans of 20%. Under the second, more controversial phase launching in January, taxpayer-backed loans will be available to buyers of properties worth up to £600,000. With the Bank of England’s (BoE) Funding for Lending scheme already cutting mortgage costs, house prices are [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 4 week FREE trial to get instant access.