Help to buy equity loan scheme

06 March 2014

Statement from the Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts

"I am shocked that the Department for Communities and Local Government is investing up to £3.7 billion without a clear understanding of how Help to Buy will impact the property market. The Department needs to get a handle on whether home buyers would have made purchases, and developers built the houses, anyway. It is simply unacceptable that there is not a coherent plan to evaluate Help to Buy or to even understand its impact on other housing initiatives.
Also, you have to ask why the Department thinks that providing loans to people who are buying homes worth £600,000 is actually benefitting those most in need. To provide value for money, the Department and the Agency need to reduce and manage the risks to taxpayers' money.

I look forward to discussing the matter with the Department when it appears before us on Wednesday 2 April 2014."

Image: iStockphoto 

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