Wednesday 12 June 2013

"It's only available to hard-pressed, hard-working would be first time buyers, who can't raise the full £120,000 deposit,"

confirms PM, dashing at a stroke the hopes of hard pressed, hard-working would be second steppers

My latest blogpost: "It's only available to hard-pressed, hard-working would be first time buyers, who can't raise the full £120,000 deposit,"Tweet this! Posted by Bob E at 17:30

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3 comments:

Bayard said...

Bob, I think you've got that wrong: it's second-homers who are being ruled out, not second-steppers.

12 June 2013 at 20:42
Mark Wadsworth said...

There's a nice bit of Indian Bicycle Marketing from a Labour MP:

" "Last week, the prime minister could not confirm that taxpayers would not subsidise foreign buyers of property in the UK. Perhaps he can instead clarify whether his Help to Buy scheme will see taxpayers help fund purchases of second homes and holiday cottages?"

The Help To Sell scheme does not benefit the buyer, it benefits the purchaser (and the banks).

So if we are being nationalistic, what we should be asking is whether people who buy from a foreign VENDOR or take out a loan from a foreign-owned bank will be able to benefit.

12 June 2013 at 21:04
Bob E said...

Bayard - in the context of what the Mighty Ding clarified you are absolutely correct, but my reference to second-steppers was a deliberate choice, because what was hinted at here

http://www.guardian.co.uk/money/2013/mar/12/newbuy-mortgage-underwriting-scheme-expanded

"Ministers are planning to extend a government offer to underwrite mortgages for people struggling to buy a home from first-time buyers to so-called "second steppers", as part of a concerted plan to get the housing market moving again.

The move comes amid growing evidence that a new bottleneck has emerged in the housing market with people looking to buy their second homes trapped in negative equity or struggling to raise a big enough deposit."

became:-

"A £3.5bn investment in government loans to financially stretched homebuyers and a £12bn scheme to increase the availability of mortgages to people who cannot afford a large deposit were unveiled by the chancellor "to support a new generation in realising the dream of home ownership".

The two measures were the centrepiece of a package of financial support for the housing market, and aim to provide assistance to first-time buyers and those "trapped" in their existing homes and unable to take the next step up the property ladder."

http://www.guardian.co.uk/money/2013/mar/20/budget-2013-osborne-offers-homebuyers-help-to-buy

and given we are now well into June and with all the faff and fuss and "what does it mean" about HTB still in the process of being sorted out I'd guess the other "second-stepper" element isn't going to be sorted out and delivered soon, either.

12 June 2013 at 23:20

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