Common Georgist L, my laments reach to the heavens, yet lack the space to contain my sorrows.Every scheme to get first time buyers on the ladder has inevitably just boosted prices even more. If everyone has more money to hurl at it, the price goes up. The constrained supply guarantees it.
I cant speak to UK issues though I imagine they are similar to Ireland. The issue with tying them to new builds and not to a standard is that it always has to go to the builders and not the people. I have a new build and I want to sell it, but those buying it cant avail of this offering because it is not the first time the house has been owned. Its nonsense.
The headline’s ambiguous, but it’s a new scheme to help first-time-buyers buy homes rather than new builds.NvmNo, it is specifically for new builds, apparently.
Not really clear why. The scheme involves the government lending some of the money, so I guess they’ve got some comeback if the house collapses before it’s paid off or something.
Oh, my bad. It’s not like that many new builds actually get built, so it seems really limited use.
I’d given up on owning a home because all the first time buyer schemes cap out at prices that are unreasonable if you’re unfortunate enough to live in the south, so I’m really hoping this scheme will take that into account!
They also induce demand and push up prices to the cap
Yeah I put money in a Help To Buy ISA for 8 years, only to find out that the government scheme only applies for first time homes under £200k… How many homes nowadays are under £200k?! Mine sure wasn’t.
That’s still likely average across the North - I mean, you can still get 2-bed terraces £50,000 - £100,000 in some areas.
I don’t know what anyone south of the M62 is meant to do though.
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