Help To Buy isn’t helping as much as we thought it was

The household income for the average buyer on the scheme is almost double the national average

Since 2013, the government's been offering cash loans to wannabe homeowners in an attempt to make it easier to get on the housing ladder, a scheme called 'Help To Buy'. But a new report says the scheme might not actually be helping the people who need it.

What it means: Known fact: it's next to impossible to buy a house unless you're born into $$ or win the lottery or something. So year after year people try and come up with master plans on how to make the housing market more accessible.

One such plan is 'Help to Buy', and £8.3bn scheme where you get a cash loan which allows you to buy a property with just a 5 per cent deposit. 440,000 people have bought homes through it in the UK so far.

The problem is, data shows that the average salary of someone on Help To Buy has gone up to just under £50k nationwide, and £72k in London. That's 35 per cent higher than it was in the first year of the scheme, despite the fact that wages have only increased by 6 per cent in that time period – meaning we're definitely loaning more money to wealthier people.

Even more awkwardly, one in five people on the scheme also already own a home.

A think tank called the Resolution Foundation has suggested putting a cap on the level of household income for people receiving loans, to make sure the scheme is targeting people in low and middle income households exclusively.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?