The average annual income of Londoners who have received Help to Buy loans is just under £70,000.
Criticism of the scheme suggests that it helps households who are already able to achieve homeownership without assistance.
The Help to Buy scheme has been helping individuals and families to get on the property ladder since 2013. It has also helped to boost profits of developer companies who build the homes.
The Government provides a loan of up to 40% of the cost of a new build London home for properties up to £600,000 in value.
The scheme was intended to keep Britain building after the financial crash. But do we still need it, or does it mainly benefit developers now by increasing demand for their homes?
Tomorrow, the London Assembly Housing Committee will discuss how well the Help to Buy programme has been working in London.
The guests are:
- Henry Pryor, buying agent and market commentator
- Professor Yolande Barnes, Chair of the Bartlett Real Estate Institute, UCL
- Daniel Tomlinson, Research and Policy Analyst, The Resolution Foundation
The meeting will take place on Wednesday, 8 May at 2.00pm in Committee Room 5, City Hall (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend
The meeting can also be viewed LIVE via webcast
Notes to editors
- Read the agenda papers.
- Tom Copley AM, Chair of the Housing Committee, is available for interviews. Please see contact details below.
- Housing Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Funmi Olutoye on 020 7084 2713. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.