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The obvious solution: The government should be helping build new social housing – not forcing up the prices of what little there is.

It is astonishing that we have the Daily Mail to thank for this revelation (although This Writer had a feeling this is what was happening; I couldn’t find the information, though).

Not only is ‘Help to Buy’ pushing up house prices as the supply of homes diminishes, it is also helping the rich buy houses, rather than those who don’t have the funds to buy a first home – the people for whom the scheme was said to be intended.

It was planned this way, of course.

That’s why Philip Hammond is pumping another £10 billion into the scheme. It will push prices up well beyond your ability to buy, making it more accessible by the rich.

The rest of us will be at the mercy of private landlords, facing up to the forthcoming huge increase in social rents, or on the street – as intended.

Wealthy families are exploiting a £7billion government scheme aimed at first-time buyers.

Help to Buy doles out taxpayers’ money so househunters can secure a mortgage.

Almost 135,000 families have taken advantage since its launch in 2013. But four in ten recipients were earning more than £50,000 a year and one in ten was on at least £80,000.

More than 5,000 purchasers had six-figure incomes. Help to Buy has also been highly lucrative for builders and their bosses, accounting for a third of private sales of new homes.

Profits, share prices and executive bonuses have soared at firms including Barratt, Bellway and Taylor Wimpey. Jeff Fairburn, chief executive of Persimmon, where around half of sales are through Help to Buy, is in line for a £130million payout.

Academics said the scheme – given a £10billion further boost by Theresa May this week – was driving up house prices.

Source: Wealthy families exploit £7billion Help to Buy home scheme with 40% of recipients on more than £50k a year


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