Abuse of Help to Buy

THE Government’s Help to Buy scheme was introduced in 2012 with the best of intentions – to give young people a leg up on to the housing ladder, while also stimulating the struggling construction industry.

Instead it has seen the cost of starter homes rocket – while lining the pockets of fat cat building company executives.

Since the scheme’s inception the price of new builds across the country has risen at twice the rate of existing properties.

Meanwhile grasping construction bosses have helped themselves to obscene bonuses – Persimmon chief executive Jeff Fairburn alone pocketing £75million.

Today, we report that Taylor Wimpey boss Pete Redfern is to receive a six-figure discount on a multi-million pound flat built by his firm – on top of the £6.8million he was paid in the last two years.

And if that were not bad enough, the big builders also sold many new homes on toxic leases with spiralling ground rents, increasing their customers’ financial misery still further. This is profiteering at its most flagrant and must be reined in.

The Housing Select Committee now calls for a National Audit Office inquiry into Help to Buy. With the scheme due to run until 2023, it can’t come too soon.