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Patrick's Property Politics

Help to Buy - Time to Die

Thursday 20th April 2023

By Patrick Bullick

I am delighted to be able to announce above the name of the new Bond film plus, more importantly, who is to play the brand new Bond. Already a National Treasure known for his comedic turns, soothing delivery and in particular, his Brutus to Boris’s Julius Caesar. Our new suave ‘action’ hero is none other than MICHAEL GOVE.

Raise a shaken not stirred Martini and let the DJ spin ABBA’s Dancing Queen.

Sorry, very silly of me but if you don’t laugh, you will cry!

I was just about to take an early morning celebratory sip of my favourite English sparkling wine - better these days than champagne - to celebrate the demise of the dreadful Help to Buy (H2B) scheme, when the fizz in my glass turned flat and sour.

On the BBC’s Today program I heard Sean Farrington, the new presenter better known for his previous role on BBC Radio 5’s Wake up to Money - on which yours truly has previously starred. Sean was interviewing some whiny person from the property industry about how ending Help to Buy would ruin peoples chances of getting onto the property ladder, and that a replacement scheme was urgently needed.

NO NO NO.

We do not need yet another Government devised, vested interest influenced, false incentive in the property market. The H2B scheme completely distorted the market and served only to create cheap housing and to line the pockets of grasping developers. The developers lobbied liberally to get the hapless Ministry for Housing, Communities and Local Government (MHCLG) as it was then – now the equally hopeless Department for Levelling Up, Housing and Communities (DLUHC) and The Treasury to sign-up to helping fund buyers of newly-built flats and houses.

I do understand the argument that we need to encourage new housing - and in large numbers, but this was a terrible way. These greedy developers have had several years of inflated profits from the scheme which dupes first time buyers into over-priced new-build properties which then deflate in price as new boosted developments draw future buyers.

The cycle went on and there are many poor young people tied into flats which cost them more than their current value. Add to this the increase in interest rates and payments, and suddenly getting on the housing ladder doesn’t seem so pretty. 

Gove is suggesting he will do a thorough review of the housing market - really? Again? Then he says he will ‘take action’. For goodness' sake take action now!

A few bold but simple actions needed straight away:

1. Strip out the inhibiting Section 106 requirements on developers to build ‘affordable’ housing on sites.

2. Discount VAT on old stock refurbishments, as well as new developments.

3. Re-instate the private landlords’ ability to offset interest payments before tax.

4. Reduce both Stamp Duty and CGT to increase fluidity and release coagulated supply. 

There are many other ideas but these four above will produce the quick hit we need to increase the availability of housing stock.

Keep sending me your own views and suggestions. I do welcome them.

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