Help to Buy has boosted housing market confidence, says Government

A Government report on the Help to Buy housing scheme has found little evidence that it has pushed up housing prices.

The Department for Communities and Local Government review said the equity loan scheme has boosted market confidence among consumers, developers and lenders.

But Labour said the Government initiative has only offered a "modest boost" to the housing market and the number of home-owners has been in "free fall" since 2010.

The report said 82% of owners who bought under Help to Buy were only able to join the housing market because of the scheme, while 43% of Help to Buy homes would otherwise not have been built.

Housing minister Brandon Lewis said: "Anyone who works hard and aspires to own their own home should have the opportunity to do so and this report shows how the Government's Help to Buy scheme continues to turn those dreams into a reality."

John Healey, shadow cabinet minister for housing and planning, said many young people continue to struggle to become home owners.

"This research confirms that the average Help to Buy applicant earns almost £50,000," he said.

"Meanwhile home-ownership is increasingly out of reach for young people on low and middle incomes."

The scheme, launched in 2013, offers loans to potential home owners who can afford to pay a mortgage but struggle to save a deposit.

The report comes as the Liberal Democrats announced they would attempt to strike out another of the Government's key housing policies.

The party wants to axe the Pay to Stay scheme from the Housing and Planning Bill when it returns to the House of Lords next month.

Pay to Stay will see families or individuals in social housing with a total income of £40,000 a year in London, and £30,000 outside the capital, forced to pay the rental market rate.

The most expensive rental property in the UK
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Help to Buy has boosted housing market confidence, says Government

Audley House, a Grade II Listed Georgian property, is on the rental market for an astonishing £780,000 a year - or £15,000 a week, making one of the UK's most expensive rental properties.

It is estimated the bills will come to a whopping £125,000 a year, on top of the rent.

The six-storey mansion is spread out over 8,346 sq/ft and is worth approximately £35million. 

However, you need not worry about walking up all those flights of stairs as there is a private passenger lift with access to all floors.

The luxurious property is set in the heart of Mayfair.

Comfort cooling, state-of-the-art security and audio-entertainment technology are incorporated throughout the Mayfair mansion. 

The property features five VIP bedrooms suites.

Each of the luxurious bedrooms are decorated in different coloured decor.

At 1,500 sq ft the master bedroom is bigger than the average British home.

The mansion also features four reception rooms,a family kitchen, a gym and private walled gardens.  

The stunning six-storey property comes fully furnished with luxurious furniture, fixtures and fittings and is ready for tenants to move in.

Like all rental properties, interested tenants will be asked to hand over a six week deposit and the first month's rent before they move in. 

The property comes with a five year contract meaning tenants will end up handing over £3.9million to the landlord.


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