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| Better-off cashing in on Help to Buy scheme, research finds | Better-off cashing in on Help to Buy scheme, research finds |
| (about 2 hours later) | |
| Just over half of the people who have received taxpayers' money to help them buy a home under a government scheme did not need it, according to research. | Just over half of the people who have received taxpayers' money to help them buy a home under a government scheme did not need it, according to research. |
| About 4,000 households in England earning more than £100,000 annually are in the Help to Buy Equity Loan scheme. | About 4,000 households in England earning more than £100,000 annually are in the Help to Buy Equity Loan scheme. |
| Official figures to December 2016 show more than 20,000 households who are not first-time buyers have been helped. | Official figures to December 2016 show more than 20,000 households who are not first-time buyers have been helped. |
| The initiative, which started in April 2013, aims to make buying a home more affordable. | The initiative, which started in April 2013, aims to make buying a home more affordable. |
| But research conducted for the government found 57% of those who signed up to it said they could have afforded to buy without access to the scheme. | But research conducted for the government found 57% of those who signed up to it said they could have afforded to buy without access to the scheme. |
| Help to Buy was launched by then Chancellor George Osborne to attempt to encourage more housebuilding. | Help to Buy was launched by then Chancellor George Osborne to attempt to encourage more housebuilding. |
| The government offers a 20% equity loan to buyers of newly-built properties and 40% in London, on properties worth up to £600,000. | The government offers a 20% equity loan to buyers of newly-built properties and 40% in London, on properties worth up to £600,000. |
| The buyers have to put down a 5% deposit and, when the property is sold, the government reclaims its loan. | The buyers have to put down a 5% deposit and, when the property is sold, the government reclaims its loan. |
| This means if the value of the home goes up, the government will make a profit. | This means if the value of the home goes up, the government will make a profit. |
| Similar schemes were set up and have now ended in Scotland and Wales. | Similar schemes were set up and have now ended in Scotland and Wales. |
| Labour's shadow housing secretary John Healey said: "While the number of younger people who own a first home is in freefall, the number of government-backed affordable homes to buy has fallen by two-thirds since 2010 and badly targeted schemes like Help to Buy are not focused on those who most need a hand up. | Labour's shadow housing secretary John Healey said: "While the number of younger people who own a first home is in freefall, the number of government-backed affordable homes to buy has fallen by two-thirds since 2010 and badly targeted schemes like Help to Buy are not focused on those who most need a hand up. |
| "Labour would change that and make helping first-time buyers on ordinary incomes the priority for Help to Buy." | "Labour would change that and make helping first-time buyers on ordinary incomes the priority for Help to Buy." |
| Gavin Barwell, the housing and planning minister, said: "We're committed to helping more people find a home of their own with the support of a range of low-cost home ownership products. | Gavin Barwell, the housing and planning minister, said: "We're committed to helping more people find a home of their own with the support of a range of low-cost home ownership products. |
| "Our Help to Buy Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first-time buyers right across the country." | "Our Help to Buy Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first-time buyers right across the country." |
| The government said it had committed £8.6 billion for the Help to Buy Equity Loan scheme to allow it to run in England until 2021. | The government said it had committed £8.6 billion for the Help to Buy Equity Loan scheme to allow it to run in England until 2021. |