First-time Buyers 2023-01-09
2023-01-09
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The Help to Buy scheme is set to expire in March, prompting concern among potential homebuyers.
What steps his Department is taking to help first-time buyers. The Help to Buy scheme has been an invaluable way of getting on the housing ladder for so many people. A constituent—a young nurse—is desperate to use the scheme but worried that it runs out in March. Will we be able to keep this invaluable scheme?
There are currently no plans to further extend or replace Help to Buy, but all options to increase home ownership are kept under review. Since 2010, more than 819,000 households have been helped to purchase a home through Government-backed schemes. That includes how we cut stamp duty land tax and extended the mortgage guarantee for a further year to maintain the availability of mortgages to buyers with only a 5% deposit.
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Assessment & feedback
Specific commitment about extending Help to Buy beyond March was not provided
Under Review
Response accuracy
Q2
Partial Answer
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Context
The Help to Buy scheme is set to expire in March, prompting concern among potential homebuyers.
Will the Minister give us an update and confirm if the Help to Buy scheme will continue beyond its current end date?
We do not currently have plans to do so, but we will keep that under review. Since 2010, more than 819,000 households have been helped to purchase a home through Government-backed schemes. That includes how we cut stamp duty land tax and extended the mortgage guarantee for a further year to maintain the availability of mortgages to buyers with only a 5% deposit.
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Assessment & feedback
Specific commitment about extending Help to Buy beyond March was not provided
Under Review
Response accuracy
Q3
Partial Answer
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Context
In Meg Hillier's constituency, more people rent privately than own their homes, with over 13,000 on a pruned-back social housing waiting list.
First-time home ownership is a pipe dream for most people in my constituency. What will the Minister and her Department do to help councils build the right housing—affordable housing—in boroughs such as Hackney so that people can get their foot into any secure housing, whether rented or owned?
We have an £11.5 billion fund to help build affordable homes. Since 1980, through the right to buy scheme, 2 million social housing tenants now own their own home, and we continue to develop schemes to secure people's home ownership.
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Assessment & feedback
Specific actions for Hackney were not provided
Response accuracy