Monday, Apr 27, 2009
Well, here's another nice mess you've gotten me into
Mortgagestrategy: Politicians in row over HomeBuy sales figures
Housing minister Margaret Beckett has denied the Opposition's claims that no properties have been sold through the government's HomeBuy Direct scheme. The scheme was announced last September as part of a £1bn housing package and offered first-time buyers earning less than £60,000 a chance to get on the housing ladder via shared equity home ownership. It offers buyers a loan of up to 30% of the purchase price, which is interest-free after the first five years. Beckett now claims this is not the case, saying that although there are no solid figures she has met "at least one couple" that has participated in the scheme.
Posted by jack c @ 03:04 PM (1591 views) Add Comment
13 Comments
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1. sybil13 said...
Take a look at comment on end of this thread: http://www.housepricecrash.co.uk/forum/index.php?showtopic=108693&st=15&gopid=1846947&
In March the Times ran an article titled: " First Time Buyers Rush to Sign up to Home Buy Direct" and quoted Beckett as saying: "Demand for the Government's new homebuying scheme has been three times the level expected....The Housing Minister, Margaret Beckett, said that demand has been three times the amount the Government expected....Such high levels of demand will put pressure on the Government to announce further funding to help first-time buyers in next month's Budget."
Now apparently ONLY ONE BUYER but thank heavens
2. justwatching said...
Yeah, but it was a feckin big house for one biwion quid
3. tyrellcorporation said...
"Demand for the Government's new homebuying scheme has been three times the level expected."
Maybe they were expecting just one stupid buyer to step forward and actually got three - not inconcievable in the UK!!!
4. wdbeast said...
I totally understand Margaret Beckett's point here.
I participate in the housing market, although I don't own a house!
5. jack c said...
Enquiry levels will be up again this week as my Son, Daughter and 2 Nephew's have all made enquiries - no intention of entering the market just enquiring. This should also help the "pent up demand" reporting for May 2009
Darlings autobiography - "How to blow a Billion"
6. shining wit said...
Jack C said......
Darlings autobiography - "How to blow a Billion"
I bet his knees are sore !
7. peter_2008 said...
Home Buy Direct is essentially another way of reduce property developer's debt burden with Taxpayers and FTB's money.
"When owners come to sell, the loan is repaid by splitting the proceeds between the government and the developer." It also means the loss will be split between the 3 parties. At this point, any sensible FTB would have thought "Well, why shouldn't I just wait and let the developer take all the loss?"
8. paul said...
Haha. Indeed Peter2008.
The government seems to be relying on the same kind of irrational stupidity that has fuelled the housing boom to pull it out of a deep and dark recession.
I think when a recession hits, those irrational consumers suddenly become very rational and such shill scemes fail.
9. crunchy said...
All these schemes are a rip off.
You are paying over the odds for your chunck on an asset that is overvalued and depreciating in value.
That's why the chunk you buy is expensive. It's to cover the lenders ar8e, which it will not anyway.
MUGS GAME! Buy a home of your OWN when the time is right. Creative BS!
10. Nomad said...
It's been a good day today, counteracting news of the spring bounce. I sense walls crumbling!
11. nomad said...
It's been a good day today, counteracting news of the spring bounce. I sense walls crumbling!
12. denzil said...
Paul said:
"The government seems to be relying on the same kind of irrational stupidity that has fuelled the housing boom to pull it out of a deep and dark recession."
Agreed! Hopefully the general public are not that stupid enough to realise that we and the next generation are being saddled with eye-watering debt in order that Labour have a fighting chance at the next election.
The combination of Brown as chancellor and Brown as PM has ruined this country for many years to come. The man is a disgrace.
13. it_is_going_with_a_bang said...
You can see where all this is going. Months and years of silly schemes to grab headlines and then one day when prices settle down and the market resume some sort of normality the government will claim to have waved a magic wand and want all the credit - when it probably won't have had anything whatsoever to do with it. Except let the boom occur in the first place.