‘Your First Home’ must learn lessons of ‘Help to Buy,’ SAM conveyancing warns
Summary
SAM Conveyancing argues that the previous Help to Buy scheme inflated new-build prices and supported volume housebuilders more than it improved overall housing supply. Ahead of the expected launch of ‘Your First Home’, it is urging the government to allow the scheme to be used on existing homes as well as new-builds, citing price premiums, exchange constraints and market stagnation.
Why it matters
The article highlights how government-backed first-time buyer support can distort pricing and transaction patterns in the new-build sector. Surveyors may see increased relevance for independent valuations, especially if any new scheme broadens access beyond new-build stock.
Key points
- SAM Conveyancing says Help to Buy inflated new-build prices and created a captive market for developers.
- The article claims the scheme supported around 11% of first-time buyers but coincided with stagnant housing delivery.
- It warns that restricting the new scheme to new-builds could repeat price-support effects.
- The piece calls for the scheme to be available on existing properties and backed by independent valuations.
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