Wednesday, April 6, 2011

A lacklustre FTB scheme receieves a lacklustre response.

Developers have second thoughts on first-time buyer scheme

Developers appear to be back-tracking fast on the new FirstBuy scheme, which they put together with the Government.The Home Builders Federation conceded: “In an ideal world, you wouldn’t offer shared equity. But we are not in an ideal world.” This morning's Halifax survey shows that in this less than ideal world, house prices remain stubbornly unaffordable at nearly seven times average FTB earnings, with signs of only a very slow downward shift. The much-trumpeted FirstBuy scheme will allow 10,000 first-time buyers to get on the home ownership ladder by chipping in just 5% deposit on a new-build house. The Government and the developer would each contribute 10%. However, developers are now worried that their share of the £250m that the industry will collectively pump into the sch

Posted by sibley's b'stard child @ 09:31 AM (1056 views)
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3 thoughts on “A lacklustre FTB scheme receieves a lacklustre response.

  • Shall we tell them what the obvious flaw is to any of their plans?

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  • Sib’s this scheme was always doomed to failure because in reality (as discussed previously) it is a re-launch and re-name scheme on worse terms than the previous Labour Gov invention which correspondingly never really got off the ground. We know the solution to the problem but (a) the government wont administer the medicine (b) the public wont swallow it – if only the free market could take its natural course.

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  • Free markets are superior to expensive markets.

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