Anger over high earners exploiting Help To Buy

WeALtHY families and existing homeowners are exploiting the Government’s housing scheme for first-time buyers.

Help to Buy was set up in 2013 to support families struggling to raise a deposit for their first home, by offering them taxpayer-funded loans.

But more than 40pc of those who have used it since its launch are on salaries of £50,000 or more, figures from the Ministry of Housing, Communities and Local Government show.

these buyers account for almost 78,000 of the 184,000 completions. Some 7,444 households were on more than £100,000 and nearly a fifth – 35,084 – were homeowners. existing homeowners have taken more than £2bn of £9.9bn loans made.

Critics say the scheme has actually driven up house prices.

Greg Beales, campaign director at homeless charity Shelter, said: ‘Help to Buy’s just become a handout for high earners, it’s doing nothing at all for the private renters most in need.’

Luke Murphy, at the Institute For Public Policy research, said: ‘the Government should focus the scheme on those in need or phase it out.’

Communities Secretary James Brokenshire said he was committed to making the market work for everyone, adding: ‘Since 2010 we have helped over half a million people get on the housing ladder, through programmes such as Help to Buy.’

the scheme was due to end in 2021, but has been extended to 2023 for first-time buyers.