Just Mortgages and Spicerhaart chief executive officer John Phillips is the latest person to call on chancellor Rachel Reeves to present a replacement for Help to Buy in the upcoming Budget to support first-time buyers.
Phillips explains that the previous scheme is missed by FTBs, especially those located in and around London.
He urged the government to put forward an expanded version of the previous scheme, including second-hand and pre-owned properties to increase opportunities for potential FTBs.
The Help to Buy scheme came to an end in March last year after supporting more than 350,000 people to get on the property ladder.
The scheme also helped to generate almost £2bn in revenue for the Treasury.
Phillips says not only will a new version of the scheme create real opportunities for FTBs, but “their activity will help ignite the entire housing market and will support the wider economy too”.
“Not only is Help to Buy recognised by the public, both lenders and developers like the scheme, are receptive to a return and can easily implement it again.”
“While a scheme like Help to Buy may be at odds with the core values of a Labour government, we must recognise its success and the clear need for intervention. Housebuilding targets alone are simply not enough – especially as no government in recent memory has ever hit them.”
“Increasing supply must work in tandem with tangible support to increase the routes to homeownership.”
Earlier this month, UK Finance also noted its proposals for the upcoming budget. The banking association asked for the creation of a new green home agency and stamp duty rebates for energy efficient home improvements.
It says the government should establish an energy efficiency agency “with clear long and medium-term delivery targets”.
