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I should add that the the use of a '?' in the title of this post is actually sarcasm.

It makes me laugh out loud whenever I hear people engage in discussion about when government, of any party, will ever voluntarily terminate the scheme - or exhibit any surprise that the scheme is extended. These interventionist policies, like QE, are pure heroin.  Once hooked on them the only way these such schemes will ever be ended is when government (and public) is dragged kicking and screaming to do so.

https://www.cityam.com/uk-housebuilder-stocks-surge-on-help-to-buy-extension-reports/?utm_source=dlvr.it&utm_medium=twitter

Edited by anonguest
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3 minutes ago, PaulTW said:

It will never end.

Corona will just fuel it and it will continue to grow and grow.

Stats here for anyone who wishes to look at it. https://www.gov.uk/government/collections/help-to-buy-equity-loan-and-newbuy-statistics

Grim reading, tax payer is completely indebted on this ponzi scheme. Housebuilders can't believe their luck no doubt.

Wow! £16 billion on £73 billion of sales.

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Just now, Clarky Cat said:

Wow! £16 billion on £73 billion of sales.

That's money in the back pocket of house builders and banks. Recall the Persimmon CEO getting offered an astronomical bonus one year, he got hounded for it and I can't recall if he took it or not. At the time, they had a bumper year for selling houses, basically thanks to HTB.

OP is right; they will not stop this. It was brought in to help people get a house due to high prices and those prices have risen further. Basically thanks to such policies. Complete shambles and sees the taxpayer exposed completely.

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13 minutes ago, Wayward said:

More FTB victims funnelled into the HTB trap.  Sucks demand out of the second hand stock market suppressing prices.

Yep. Works a treat for me, I would never buy a new build breeding box no matter how much I was paid to. Horrible.

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It's worth saying again and again exactly what is being extended. 

Any extension to HTB past April is to continue the eligibility to existing homeowners only. The current HTB eligibility for existing home owners ends in April. That is all. FTB can access HTB post April if they so wish without any changes. 

Persimmon et al and even the Scottish Government (when they 'extended HTB a few month back') gloss over this point. I'm sure when Rishi extends in November he'll not mention that this change only benefits existing homeowners.

The press, i'm sure, will also not dig into the details. No one questioned Nicola Sturgeon about it. It's just a sentiment - boosting exercise. 

All that being said: I fully expected them to extend HTB and, in a way, this is good for me personally. The HTB genie is out of the bottle and this final push will just soak up the last of the demand from the uncritical masses. 

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Worth keeping an eye of new build prices v. second hand.  I have seen some shocking stats on this front.  There is a new estate near me and the developers drip feed them through at prices that look very inflated compared to the local second hand market...particularly when you considered all the designed in problems with new builds.

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FTBs-

Median purchase price 2013 - £178,000

Median purchase price 2020 - £279,950

Thanks for the help (say the developers).  Our future has been blighted (say FTBs)

 

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  • 3 weeks later...

https://www.bbc.co.uk/news/business-53817906

 

Housebuilder Persimmon reports weekly sales jump as house prices rise

Homebuilder Persimmon's share rose after it said weekly sales jumped by almost 50% since the start of July.

 

 

Privileged groups rake it in handsomely following cynical manipulation of market by UKGov.

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19 minutes ago, Wayward said:

Privileged groups rake it in handsomely following cynical manipulation of market by UKGov.

I wonder if their current boss will get another ridiculous bonus at the taxpayer's expense...

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53 minutes ago, Wayward said:

https://www.bbc.co.uk/news/business-53817906

 

Housebuilder Persimmon reports weekly sales jump as house prices rise

Homebuilder Persimmon's share rose after it said weekly sales jumped by almost 50% since the start of July.

 

 

Privileged groups rake it in handsomely following cynical manipulation of market by UKGov.

From the article: "costs reduce" lol

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  • 418 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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