In recent news, UK Chancellor Rishi Sunak is considering reinstating the Help to Buy scheme. This scheme was originally introduced in 2013 by then-Chancellor George Osborne, and it has been credited with helping many people become homeowners. The scheme has been credited with increasing the number of first-time buyers in the UK, and it has also been credited with boosting the UK housing market.
The Help to Buy scheme is a government-backed initiative that helps people purchase a home with a 5% deposit. It is available to both first-time buyers and existing homeowners, and it is designed to help people who may not have enough money saved for a deposit. The scheme was initially set to end in 2021, but due to the economic impact of the COVID-19 pandemic, Chancellor Sunak is now considering extending the scheme until 2023.
The Help to Buy scheme has been widely praised for helping people become homeowners, and it has been credited with boosting the UK housing market. However, there are also concerns about the scheme, as some critics argue that it has caused house prices to increase faster than wages, making it more difficult for people to afford a home.
If the scheme is extended, it is likely that it will be tweaked in order to ensure that it is helping those who need it most. For example, the government could introduce stricter eligibility criteria or limit the amount of money that can be borrowed under the scheme.
Overall, Chancellor Sunak’s consideration of extending the Help to Buy scheme is welcome news for those who are looking to buy a home. However, it is important that any extension of the scheme is carefully monitored and adjusted if necessary in order to ensure that it is helping those who need it most.