Calls for Government to regionalise Help to Buy Chartered surveyors have called for the Government to regionalise the Governments Help to Buy scheme. The Royal Institution of Chartered Surveyors (RICS) has urged the Treasury to consider adapting Help to Buy to suit individual regions’ needs after 60pc of its members said such a move would make the recovery in house prices more sustainable. Despite the market has recovered well since a crash in late 2007 and 2008, critics have suggested that the Treasurys Help to Buy programme is in danger of reinflating a house price bubble. Yesterday, the Halifax house price survey showed values jumped 2.4pc in February, the biggest monthly increase in five years.. The first phase of Help to Buy was launched nearly a year ago, allowing first-time buyers to borrow up to 20pc of the value of a new build home from the Government, interest-free for the first five years. The second phase was rolled out in the autumn, three months earlier than expected, and was available beyond first-time buyers and new build homes. Borrowers with a 5pc deposit can borrow a further 15pc covered by a guarantee from the Government. Both phases of the scheme are available on properties worth up to £600,000. RICS called for the Government to consider garden cities to meet property demand. Its report said: To make the garden cities a reality, the government needs to publish its outline prospectus to test the market by giving potential developers, communities and investors clarity and certainty.
Posted on: Tue, 11 Mar 2014 11:08:27 +0000
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