Andy Sommerville, Director at Search Acumen, comments on the latest Help-to-Buy Equity Loan Scheme Statistics:
“The good news in the most recent Help-to-Buy loan scheme figures is just papering over the cracks in our housing market. A record number of borrowers in Q2 2017 took advantage of the programme and that’s an admirable thing. But, borrowers had to take on more debt than ever to make their homeownership dreams a reality. In London in particular, many first-time buyers are resorting to taking on equity loans of up to 40%.”
“In an age where our younger generation is being saddled with breath-taking amounts of debt, we have to question how much more they can handle, no matter how well-meaning the support schemes may be.”
“It all boils down to the fact that our first-time buyers are scrambling to buy too few homes at too high prices. The only way we’ll be able to support first-time buyers without the spectre of a lifetime of huge debts hanging over them is to build more homes.”
