"The biggest winners from the Conservatives' help to buy scheme were high-earners who were already likely to buy a house, with the top 10% of earners receiving the largest cash benefit."
"The scheme distorted the market by pushing prices up in some areas and increasing competition rather than supply, accelerating housing and wealth inequalities."
"Instead of making the scheme permanent, the House of Lords built environment committee argued that giving local authorities and housing associations money to build would have been more effective."
"Investment in social housing, rather than pushing people into the private rental sector, would have contributed to lower rents and more sustainable house prices."
The help to buy scheme favored high-earners, allowing them to accumulate wealth faster and distorting the housing market by increasing prices and competition. The Institute for Fiscal Studies found that the top 10% of earners received the largest benefits, while public spending on housing was significantly cut. Previous studies indicated the scheme failed to address structural housing issues. Instead of making the scheme permanent, investing in local authorities and housing associations would have been more effective in increasing supply and lowering rents, leading to more sustainable housing prices.
Read at www.theguardian.com
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