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Original poster

Jeremy Hunt considers support package to help FTBs

32 replies

Twiglets1 · 22/10/2023 15:44

Jeremy Hunt is considering a support package to help first-time buyers onto the property ladder ahead of next month’s budget. The chancellor and Treasury officials are said to be discussing measures including extending the government’s mortgage guarantee scheme and creating a new type of individual savings account (Isa) targeted at people looking to build up a deposit to buy their first home.

Sources told the newspaper that Mr Hunt has ruled out a revival of the Help to Buy scheme, which gave buyers a loan of up to a fifth of the value of a house, on the grounds it could fuel inflation.

The plans come as the Conservatives and Labour increasingly battle over the housing crisis facing Britain, with Sir Keir Starmer promising to build 300,000 homes a year if he becomes prime minister.

https://www.independent.co.uk/news/uk/politics/jeremy-hunt-housing-mortgage-budget-b2433941.html

Jeremy Hunt ‘to offer support for first-time buyers’ ahead of autumn Budget

It comes as the chancellor was forced to deny rumours he is planning to quit as an MP at the next general election because he fears losing his seat

https://www.independent.co.uk/news/uk/politics/jeremy-hunt-housing-mortgage-budget-b2433941.html

OP posts:

Original poster

Twiglets1 · 23/10/2023 13:21

Tukmgru · 23/10/2023 12:20

As someone trapped in the Help to Buy shitshow, having basically only done it because we were raised to believe that the only guaranteed investment is property, any intervention the tories plan is going to be for the benefit of anyone but first time buyers. Five years later and the economy has been destroyed by the same people who put the thing in place, and now the mortgage is going through the roof, the place is too small for my now new family, and the value of the property has dropped rather than increased.

I am exactly the kind of person they would expect to vote for them as I get older. Property owner (sort of), high salary, new family, blah blah. Not only have I never anyway because their core values are abhorrent to me, but now they’ve put the nail in the coffin by very actively screwing me over in every possible way financially.

Why would anyone even consider voting for them at this point? I feel like a lot of people can go along with relative financial incompetence if their values align, or if their values don’t completely align then if they are better off under whatever Party is in charge. You can’t be morally disjointed and financially incompetent, though, and it’s fascinating that the Tories don’t see it.

Sorry to hear that you are currently feeling trapped in your property.

I do remember a few years ago Help to Buy seemed very appealing to young people struggling to get onto the property ladder.

I don't know why anyone would vote Tory at this stage apart from naked self interest in some cases with no thought for anyone else. Even many traditional Tory voters seem fed up and looking to switch their vote to Reform. Splits the Tory vote so that's another nail in their coffin.

OP posts:

Porkepic · 23/10/2023 13:37

Twiglets1 · 23/10/2023 12:22

That program is available on iPlayer ( parts 1&2), it’s an interesting watch though depressing of course.

What’s the answer? Should be ban foreign investment in the U.K. property market? Keep adding tax and other disincentives to people wanting to own a second home?

Since you watched it, it was clearly explained that NIMBY is the number one problem, law needs to change not only to promote housing but energy infrastructure and transports. People have too much power to prevent anything happening, especially when they are pensioners with nothing better to do.
Second problem is stale developers land, by introducing a tax on undeveloped land, it will change the economics and incite developers to make use of available grounds rather than create scarcity by holding up.

MotherOfRatios · 23/10/2023 15:36

House prices have to fall wages don't match the current prices and private renting significantly caps the amount you can save.

Original poster

Twiglets1 · 23/10/2023 16:13

Confirmation that Jeremy Hunt is considering increasing the amount of the Lifetime ISA in the Autumn Budget on November 22nd.

The Lifetime Isa ... has a property price cap set at £450,000 uniformly across the country.
The Sunday Times reported Hunt is looking at increasing the property price cap on the existing range of Isa products, and potentially introducing a new Isa product for first-time buyers...

https://www.ftadviser.com/mortgages/2023/10/23/autumn-statement-may-include-help-for-first-time-buyers/#:~:text=Chancellor%20Jeremy%20Hunt%20is%20looking,further%20year%2C%20according%20to%20reports.

Autumn statement may include help for first-time buyers

Chancellor Jeremy Hunt is looking at ways of helping first-time buyers onto the housing ladder in the upcoming Autumn Statement - including an extension of the mortgage guarantee scheme for a further year, according to reports.

https://www.ftadviser.com/mortgages/2023/10/23/autumn-statement-may-include-help-for-first-time-buyers#:~:text=Chancellor%20Jeremy%20Hunt%20is%20looking,further%20year%2C%20according%20to%20reports.

OP posts:

CrashyTime · 23/10/2023 17:13

The bond market will ensure that all this waffle just turns to dust, HTB was running under zero rates, it isn`t going to work now, and any attempts to prop things up that could be seen as inflationary will just cause an even bigger crisis in money markets than the Truss moment IMO.

https://www.msn.com/en-us/money/other/what-are-bond-yields-and-why-are-markets-worried-about-what-they-re-saying/ar-AA1iHEHB

MSN

https://www.msn.com/en-us/money/other/what-are-bond-yields-and-why-are-markets-worried-about-what-they-re-saying/ar-AA1iHEHB

Original poster

Twiglets1 · 23/10/2023 17:24

Oh hi, Crashy!

No one is talking about bringing back HTB. For the very reason you give, it’s seen as inflationary. You’re not advising the Tories, are you?

OP posts:

CrashyTime · 23/10/2023 17:33

"Mr Hunt’s support package for first-time buyers comes following growing concern about the affordability of homes, with interest rates expected to remain high throughout 2024."

LOL, they are so far up the creek now it almost isn`t funny, concerns are definitely growing that ordinary people will be able to afford homes without a 30 year debt.

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