Stanley Property London

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.

Sign up for market updates

Other articles you might enjoy

CGT Reprieve?
Just A Minute: Right Turn
Just A Minute: I Give Up
'C' How You Like It MPs?
Just A Minute: Cleverly Done?
Just A Minute: Consecutive Conveyancing
Bad Budgets & Behaviour
Just A Minute: Rachel Reeves Rumours
Just A Minute: Councils Building Council Houses
Communism and the Civil Service
Just A Minute: A View from the Fish Tank
Just A Minute - Landlords leaving under Labour
Market Trends and Tax Challenges
Just A Minute - PB's Plea to S'Kier
Is PWT APT for the UK?
Just A Minute - LonRes Lowdown
Goving, Going, Gone.
Just A Minute: Foreign Investment Fury
Savvy Supermarkets
Just A Minute - Forever Home
To Sell or Not to Sell? That is the Question.
Will the Scottish Shambles lead to a Labour Landslide?
Just A Minute - Property Taxes Under Labour
Vested Interests Strangling UK Property
Just A Minute: Non-Dom Taxes & London
I'm not my usual furious self. Why?
Just A Minute - ONS Statistics Seasonal, Surely?
Budget Leaves Landlords Bereft
Short-Let Sh*t Show
Just A Minute - Short Let Shambles
Easy Access In Old Age
Share All The Sh*t
Just A Minute - Renters Revenge Bill
Stop Buggering-up Brexit. Drop taxes and Build, Build, Build.
Are We Missing A Trick?
Just A Minute - Interest Rates Shocker?!
Happy Christmas - Enjoy Election Year!
Tories Trash 2023
KC3 & the Right to be Free
Just A Minute - Inflammatory Interest Rates
Best ways to make money from London property
Steer clear of S’Keir?
Just A Minute - AirBnb and long lettings
Is it Smart To Invest in Repossessions?
It isn’t just Parties & Prostitutes
Banks take Tenants to the Dark Ages
UK House Prices - August Review
Death, Divorce, Downsizing & Now Debt
Just A Minute - Pitfalls of the Politically-Exposed...
Rates of Interest in London - It’s Not a Horror Show
The Sharks are Circling
Why AI!
Just A Minute - Stamp Duty Is Silly Money
Tenants in Double Trouble
Just A Minute - Renters Revenge Bill
Farmers Forked by Skier?
Renters Revenge Bill
Just A Minute - 100% Mortgages
A Clear Steer from Skier (Starmer)?
To Inherit or Be Gifted ...that's the question!
Just A Minute - Questionable Question Time
KC3 and the Winds of Change
Doom and Gloom - Get me a Broom…
Just A Minute - Spring Budget
Rising Rents and our Muppety Mayor
Help to Buy - Time to Die
An Englishman’s Home is his Castle
Ignore the lot of them and Grind ourselves to Growth!
What new Hunts-Trick can we expect in the Budget?
Housing is a Step Up the Ladder
Are We All Scots Now?
Fill a Field vs Brand New Towns
Happy Christmas in Troubling Times
ER ll
Too old to 'Rock & Roll' but too young to die.
Strangle The Supply, Throttle The Treasury
Jeremiah was a Bullfrog (Joy to the World)
Modern Mini-Manifesto
Patrick's BBC Wake Up Call
Rishi Rides to the Rescue
Pension ‘Professionals’ cause Property Problems
Conservative (Ms) Communication & Catastrophising Keynesians
Even The Rich Benefit From Equity Release
School Schedules Suck
Perils of Predicting Politics and Property...
Ride the Wave of the Short-Let Sh*t-Show
Sushi or Sashimi - or the Vampire Squid that is HM Treasury?
Short Sadiq & Silly Lets - Sorry, wrong way around perhaps?
Tory Tw*ts & their Terrible Taxes
Where's The Get Up and Gove?
Tony Blair: An old warmonger with ideas
Lovely Jubbly Jubilee!
Far from falling – Central London flat prices may be about to take off.
I do feel rather old...
To Landlord or Not to Landlord? That is the question.
The impact of rising gas prices and Russian sanctions on the central London property market
Contrary Views & Bullshit
School gate Skills Scandal
1st quarter 2022 prime central London market analysis
Does Rishi Sunak's statement promote Spring growth?
Air-Source Heat Pumps - Hot Air for London
London Property Market. Less a Laundromat - more an Airing-Cupboard
Childish Chelsea Chanting
As interest rates rise, the rental investor still wins
ONS predict UK population growth plateau. Is it a demographic time bomb or a tax-easing gift horse?
No gains – No tax. Typical Treasury Twittery
Arrange a free market appraisal of your property

Send us your details and we’ll give you a call to arrange a convenient time to appraise your property:

Your details

Thank you for your request.
We’ll be in touch soon to arrange your market appraisal.

Thank you for your request.
We’ll be in touch soon to confirm your appointment.

Thanks for submitting

Share this article
Sign Up For Market Updates