Tuesday, April 12, 2011

TSC report on FirstBuy scheme

MPs warn Osborne's FirstBuy scheme could hinder FTBs

The Treasury select committee has warned the FirstBuy scheme could push house prices further beyond the reach of many first-time buyers if the liberalisation of local planning laws fails to provide more housing stock. Chancellor George Osborne launched FirstBuy in last month’s Budget, a £250m scheme offering low interest loans to first-time buyers of up to 20 per cent of the cost of the house. The loans, joint funded by the Government and homebuilders, will be offered to 10,000 first time buyers with a 5 per cent deposit and an income of less than £60,000.

Posted by jack c @ 09:46 AM (1059 views)
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3 thoughts on “TSC report on FirstBuy scheme

  • mark wadsworth says:

    “if the liberalisation of local planning laws fails to provide more housing stock”

    “IF”?

    “WHEN, AS PLANNED,…” more like.

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  • sibley's b'stard child says:

    That caught my eye as well; liberalisation from whose point of view? I would have thought liberalised planning laws be synonymous with more housing stock…

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  • mark wadsworth says:

    Anyway, fair play to the TSC.

    Golden rule – subsidies don’t make things cheaper, they make them more expensive.

    As a general rule – taxes don’t make things cheaper, they also make them more expensive

    Counter-intuitively, taxes on land makes it CHEAPER.

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