Can the Help to Buy scheme really help me to buy?

I was listening to the budget announcements and had the same thoughts – help to get people on the housing ladder would be really welcome. But I’m also disappointed that one of the schemes only applies to new build properties.

I know some people prefer new builds, as they can move straight in without having to worry about things like replacing old boilers or doing any home improvements, but the fact is that most new build properties I’ve seen (I’m in London, so it might be different elsewhere in the country) are incredibly small. They usually come with a tiny kitchen/lounge (billed as ‘open plan’ rather than the ‘space-saving’ measure it actually is), and are often just small box-rooms with no character.

I was lucky enough to be one of the last people to get on the OwnHome scheme years ago. It was a genuinely fantastic scheme to get people on the housing ladder – providing similar measures to the first option mentioned in the budget (i.e. a loan that acts as a deposit, which is paid off at a nominal interest rate or when you sell the house). The crucial thing with it, though, was that you could use it to buy older properties too, meaning that I could actually afford to take up the offer rather than pay an inflated price for a new build property that was much smaller than any of the older places I could have moved into. Although I’m sure there were reasons why funding for this scheme was dropped, it was so popular and helped so many people that I would love to see it brought back.

Whilst help for would be buyers is to be welcomed I too have reservations about this scheme.

It should be limited to first time buyers. As it stands it’s a way for would be second home buyers or perhaps even buy to let types to cash in.

It should be limited to less than half the £600k level I understand it’s been set at. Not many first time buyers qualifying for that kind of property, even in London.

It should not be limited to new builds. Although new builds are good on energy efficiency they tend to be small, postage stamp gardens and as a result built to very high density levels. That’s ok for some but a scheme like this will, through greater demand, promote higher prices compared to existing properties, and they just aren’t worth it.

I see no reason whatsoever why the hard pressed UK tax payer should fund people to buy houses. Certainly not anything like the £600k level proposed. I could not even ever dream of thinking about a dwelling of that cost, it is rediculous. This is a charter for get rich quick oppertunists to make money, it will do little to help the homeless.

I don’t think the scheme really works. I have been a Tenant for 25 years(max discount). BUT! I live in the barbican London and my two bedroom is value at 330.000 with a discount of 100.000 so I would pay 230.00 lol I am a security guard at Fenchurch st and earn 35.000 a year and still can’t afford to buy it. They should allow you to buy a property of your choice anywhere even from Auctions (as the council can’t lose) and out of London where prices are cheaper. I’m having to put my self in the swap book to move to purfleet in Essex as property is cheaper there and I would only need one train to work which goes straight to Fenchurch Station. I am not interested in share ownerships. Does anyone know a better way to buy. I have at the moment decided to save (which I can afford) to put 1,000 a month away and live comfortable, that would make 12,000 in one year and after 6 years 70,000 plus 2 x isa accounts at 15,000 total 85,000 Appox. what happens now. well go to Auction buy for 60,000 max spend 10,000 on renovations wait another 5 to 8 years and the property market back to booming. by now (god willing) 62 years of age. property value in region of 120,00 up to 200,000. Sell, buy small and retirement money till you died plus the joker government pension too. lol I reat my case