From financialreporter.co.uk:
The Government is in talks with The Home Builders Federation, whose members deliver around 80% of new homes built each year, about extending the scheme to help support the industry after Covid-19 lockdown measures are lifted, according to The Times.
Sorry, what was that first bit... "The Government is in talks with The Home Builders Federation..."? I'm sure the HBF will politely explain the economics of the housing/land market and explain that land prices will always rise to soak up the subsidy and that there are far better ways of spending taxpayers' money.
The shutdown of construction work and sales offices is expected to have a long-term impact on the sector, with Savills estimating that the lockdown will hinder the construction of around 200,000 new homes.
Wot? They are building on average 200,000 homes per year; do they expect the lock down to last a year? (For all of our sakes, I hope it doesn't).
Since the launch of the Help to Buy: Equity Loan scheme in April 2013, 248,075 properties have been bought, with first-time buyers accounting for 81% of total purchases.
That proves nothing. It's an arms race. If other people can bid more because they've tapped into the subsidy, then you have no choice except to tap into the subsidy and bid a bit more as well.
The current Help to Buy scheme is due to end in April 2021. A new scheme will then run for two years, restricted to first-time buyers with regional property price caps.
But finally they've found an excuse to extend it. Phew, I was getting worried there.
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