Homebuyers unconvinced about the return of Help to Buy

The latest research by estate agent comparison site, GetAgent.co.uk, has shown that while 81% of homebuyers want to see the government do more to address the housing crisis and reduce the cost of homeownership, just 46% think the Help to Buy scheme should be re-introduced, with 79% believing it’s nothing more than attempt to win votes by Rishi Sunak.

A decade after it was first launched and just months after its final closing deadline, it looks as though Help to Buy could be back on the table for the nation’s first-time buyers. However, a survey of first-time buyers, commissioned by GetAgent, has found that the majority don’t want to see it re-introduced.

The survey from GetAgent found that 80% of first-time buyers think that house prices are too high, with 37% stating they need additional financial help when attempting to climb the property ladder.

81% also believe that the government needs to do more to address the housing crisis and help reduce the high cost of homeownership.

However, 52% stated that they didn’t think schemes such as Help to Buy, that drive demand without addressing supply, were a good idea.

What’s more 54% don’t think that the Help to Buy scheme should be introduced and as many as 79% believe that in doing so, Rishi Sunak is simply looking to secure votes at the next general election, rather than genuinely trying to help first-time buyers.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:

“As with any whisperings on government housing policy, we won’t really know what Help to Buy 2.0 looks like until it is fully announced. However, we’ve seen numerous reboots in previous years and while they have been tweaked in one form or another, the criticism has remained largely the same.

Fuelling demand without addressing supply is a short term fix to a long term problem and, in doing so, only drives house prices ever higher to the detriment of those such schemes are supposed to help.

Unfortunately, the government’s record on delivering more homes speaks for itself and so it’s no surprise that today’s homebuyers are highly sceptical of the re-introduction of Help to Buy.”