Help to Buy Phase 2 – Moving Forward

Nigel Stockton, Financial Services Director, Countrywide plc, the UK’s largest property services Group comments on the Government’s decision to bring Help to Buy Phase 2 forward

“Bubble…what bubble? The latest graph on House Price Inflation (HPI) from DCLG below lays bare the lack of evidence for a “bubble” argument. Yes, London has high house price inflation; indeed it is distorting the overall HPI position as you need to look at the regions outside of London.

“As David Cameron said at the weekend when discussing the acceleration of Help to Buy Phase 2, talk to people in Manchester and Salford and they would laugh at the idea of a bubble. We should listen to people living around the country rather than draw conclusions from the South East alone and using these figures as the sole reference when talking about the whole of the UK residential property market.
“The acceleration of the Help to Buy Phase 2 is welcome for many across the UK who wish to buy or move home and any concerned individuals focussed on a bubble can take comfort from the fact that the FPC are ready to change key criteria if there are signs of overheating. “

3 thoughts on “Help to Buy Phase 2 – Moving Forward

  1. I am afraid I have to disagree with your analysis as the whole point is that London property market does start the ripple effect which does push house prices up in the South East and eventually elsewhere. All the time demand outstrips supply as it will do for many years, unless we want to concrete over our beautiful countryside, that is exactly what will happen.
    It’s very dangerous to be lending money to people who obviously cannot afford to buy a property and who ? eventually has to foot the bill if it all goes pear shaped ?
    I am afraid we have to accept if you can’t afford a property then you will have to rent until you can.
    Oh and if we were a little more intelligent about this we could control demand by controlling immigration. Surely if we don’t have enough houses then how are we able to allow more people to move into Britain ?
    Let’s see if our politicians can answer that. Surely our Economic recovery shouldn’t be so highly focused on house buyers !!!

    • One simple way to limit house price inflation is to stop this nonsense of allowing tax relief on mortgages for landlords. If it was stopped they would A) get more tax and B) it would put a stop to this farsical situation as it is landlords who are buying a huge proportion of houses at the moment.

      I am a landlord by the way!

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