Page 31 - All files for Planning Inspectorate update

by someone who’s had a good lunch on a Friday or is rushing off for the

weekend.”

The government confirmed last year that Help to Buy would be extended by a
further two years from 2021, although from this date there will be a cap on the

value of eligible homes to within 20 per cent of average prices in each region.

The Home Builders Federation argues that the scheme has been a huge success
because it has helped to boost the supply of new homes.

A spokesman for Persimmon said: “Our performance over recent years reflects
the group’s success in growing its construction volumes to meet UK housing
need, particularly by offering attractively priced new homes to first- time buyers.

Since 2012 we have increased our output by 75 per cent and invested £3.8
billion in new land. In late 2018 we announced a range of new customer service
initiatives and we are confident that these will improve our performance once
they have had time to take effect. We are also making a significant investment in

training to address the shortage of skills in the industry.”

Analysis Help to Buy has some heartfelt enthusiasts (Anne Ashworth writes).
These are the millennials who cannot rely on a payout from the Bank of Mum

and Dad but still want a place of their own. If they have a deposit of 5 per cent
they can use Help to Buy to climb on to the ladder. Without it some would be
forced to remain in rental accommodation for decades, excluded from home
ownership.

However, even supporters of Help to Buy will share the widespread dismay about
the way in which housebuilders have exploited the policy. Some bosses have
enriched themselves at the taxpayers’ expense, apparently with the co-operation

of the Treasury, which did not impose rules to ensure that the policy did not
become a bounty for the boardroom. The most notorious example is Jeff
Fairburn, former chief executive of Persimmon, who pocketed £75 million, but
others have also prospered.

One of the original aims of Help to Buy was to ensure that builders “got shovels
into the ground”. Little thought seems to have been given to ensuring that these
homes would be solidly constructed. Many are shoddy, unlovely and not energy-

efficient.

Thanks, in part, to Help to Buy, mortgage lending to first-time buyers is at its
highest since 2006. The chancellor is likely to hail this as a success story in his