20,000 well-off families cash in on Help to Buy
THOUSANDS of wealthy families are using taxpayers’ cash to help them buy homes.
Official figures show that 20,512 households earning more than £80,000 have been handed loans through Help to Buy.
The total includes 8,078 buyers with incomes of more than £100,000 a year.
The revelations will fuel concerns that the scheme – set up to help first-time buyers – is being exploited by the well-off.
Critics of Help to Buy say it boosts profits and pay at builders. Persimmon this week posted record profits of £1.1billion and Taylor Wimpey banked £856.8million.
John Mann, a Labour member of the Treasury committee, said: ‘Taxpayers’ money should not be going to families with six-figure incomes. It’s outrageous and just drives up prices, making it harder for ordinary people to get on the ladder.’
Reuben Young, of the campaign group Priced Out, said: ‘Help to Buy has been disastrous. It helps a lucky few – many of whom either already own a home or would have bought one soon anyway – while pushing house prices even further out of reach for average people.’
Housing minister Kit Malthouse said it was ‘helping to make the dream of home ownership a reality for a new generation’.