Prime Minister Rishi Sunak is reportedly keen on reviving the Help to Buy scheme to aid financially burdened renters in securing a foothold on the property ladder. The programme, which was discontinued in October last year, provided first-time buyers with an interest-free loan to assist in meeting property asking prices.
As the Government anticipates a General Election, the reintroduction of the scheme may serve as an incentive for tenants to break free from escalating rent prices. The support scheme for new buyers is allegedly “back on the table” and could feature in Chancellor Jeremy Hunt’s autumn statement, as reported by The Times. One minister emphasised the importance of having an offering for first-time buyers before the next election.
Additionally, there have been suggestions that the Help to Buy scheme may be expanded from new build properties to encompass all homes. This news comes alongside the Home Builders Federation’s assertion of an urgent need for extra support for first-time buyers.
Leeds Building Society revealed in a report that five out of 10 prospective first-time buyers doubt their ability to purchase a home in light of the ongoing cost-of-living crisis. In response, the Labour party has pledged a ‘new deal for first-time buyers’, which includes no stamp duty on the first home, a guarantee of ‘first dibs’ on newly built homes in the area, and 100,000 discounted ‘firstbuy homes’.
