Govt schemes to boost buyer numbers still failing to assist the most in need

Govt schemes to boost buyer numbers still failing to assist the most in need [Photo: iStock/apomares]

Over the past few years, the government has put in place a number of schemes such as Rent to Buy and Help to Buy, designed to increase the number of people in the UK who own their own home. It was thought that bringing in such schemes would mean those who would otherwise not be able to afford to become homeowners would be able to do so. 
However, a few years on, and it seems that these schemes are still only helping better off buyers get onto the ladder, and those who desperately need help if they are to ever become owners, are still unable to afford to climb onto the property ladder. 
In a new report published by the Social Mobility Council and carried out by researchers at the London School of Economics, it was discovered that the average Help to Buy buyer is earning far more than the average person. It said that they are typically bringing in more than one and a half times the working age median income. 
This means that those who are able to buy through schemes such as Help to Buy are still among the better off in the country, with those who earn an average wage, or lower, still being missed out by schemes designed to improve ownership levels. 
What is perhaps most surprising about the data is that many of the people who managed to buy through the Help to Buy scheme would have been able to do so even without its assistance. According to the report, three in five of those surveyed said they would still have purchased a home even without help. 
"While it is welcome that the Government is acting to help young people get on the housing ladder, current schemes are doing far too little to help those on low incomes to become homeowners," said Alan Milburn, chair of the Social Mobility Commission.
He went on to say that while it is extremely positive that the government has put in place plans to help young people find their way onto the property ladder, at the moment, the execution of the schemes is poor and needs to be reassessed.