Page 133 - MJC submissions

At f11' tin t1; > � i-ts launch in 2013, it was hoped the scheme would
stimulate house-building. When it was extended in 2014, Mark

Clare, then chief executive of Barratt, said: "Britain urgently
needs more homes and by setting out a longer-term framework
for Help to Buy this announcement will enable the industry to
deliver just that." Yet figures show that the total number of new
houses delivered has barely changed since the introduction of
the scheme.

The profits last year have been compared with 2007 because
this was the last full year that housebuilders were at their peak

before the financial crash. Annual pre-tax profits were divided
by the number of homes built in each year to reach a "profit per
house" figure.

Britain is facing its worst housing crisis in generations, with
ownership at a 30-year low and a record 1.8 million families

with children renting privately.

Housebuilders were quick to point out that underlying growth
will have boosted profits, with house prices having risen by 23
per cent across the UK since 2007. They also noted that they
were paying huge amounts back in debt each year at high
interest rates before the financial crash, compared with today,
when they have millions in cash at the end of each year.