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News - 20 May 2014

Lib-Dems to cut back Help to Buy Scheme

 The deputy Prime Minister, Mr Nick Clegg has said that the government's Help to Buy scheme could be "pared back" if the Bank of England (BoE) believes the housing market is overheating.

 
The BoE governor Mark Carney said the Bank was considering providing advice on "changing the terms" of the mortgage help scheme and that not enough homes were being built to meet demand. He also said that the Bank was "closely watching" rising property prices and the subsequent increase in large-value mortgages, which he warned could lead to a "debt overhang" which could destabilise the economy.
 
Prime Minister David Cameron said Mr Carney was "absolutely right" that not enough new houses were being built, and said Help to Buy had been "hugely helpful" in bringing forward new developments.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Official government figures show the country began work on 133,650 homes in the year to 
March, an increase of 31% on the year before. But a former government advisory body has said the UK needs to build almost 300,000 homes a year until 2031 to meet current demand. The construction sector was badly hit during the economic downturn, and builders have argued that planning laws are too restrictive despite government reforms.”
 
The Help to Buy scheme was used to buy 17,000 homes in its first nine months, at an average price of £194,992.
 
Shadow chancellor Ed Balls said Mr Carney's warning on house supply "puts the ball firmly in George Osborne's court".
 
Calling for the £600,000 limit on Help to Buy to be reduced, he said: "The chancellor cannot wash his hands of what's happening in the housing market."
 
Campbell Robb, chief executive of housing charity Shelter, said measures to stabilise the market had to go "hand in hand" with the building of more homes.
 
If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
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