Richard Connolly, Chief Executive Officer at Rentplus, comments on the latest statistics on Help to Buy from the DCLG

Jul 1, 2016

“It is of course encouraging to see that the government’s Help to Buy equity loan scheme has helped tens of thousands of first-time buyers onto the property ladder over the last three years. However, with the average purchase price of these homes over £220,000, this scheme will still only help a section of people who aspire to home ownership in the UK. A minimum cash deposit of around £11,000, which must be put up by prospective buyers purchasing an average home under this scheme, is not always within immediate reach – especially in light of soaring rental prices which are taking up more than half of young people’s salaries.

“As a country, we need to recognise that there is more than one path to home ownership and creative solutions are required to solve the housing crisis. Flexible routes such as affordable rent-to-buy models cater to a further section of aspiring home owners, who might not be in a position to buy immediately, and would benefit from the opportunity to save. In order to ensure crucial tenure options like rent-to-buy are available in future, we call on the government to include these tenures within its definition of Starter Homes as part of the new Housing and Planning Act.”

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