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01/03/2014

Cameron: Help to Buy won’t create housing bubble

(photo from China Daily)

 

According to information from China Daily, UK Prime Minister David Cameron recently responded to concerns about the government’s “Help to Buy” Scheme, saying that this program will not fuel housing bubble.

 

Cameron said that since the mortgage guarantee scheme started three months ago, more than 6,000 British people have applied for home purchase and mortgage. 750 new homes have been bought before 2014.

 

He also claims that the initiative of this scheme is to help those who are lack of support from parents, or have insufficient funds in their accounts, so that they can "realize their dream" of owning a home.

 

Cameron gave an outright denial to the concerns that the scheme will drive up demand and home prices. “House prices are still way below the peak they reached in 2007,” he said, and “forecasters do not think they will get back to the level before the crash even in 2019. So there is no evidence of a problem.”

 

He also emphasized that the Help to Buy Scheme is “about helping people to achieve the security and stability they want of owning a flat or a home of their own.”

 

The British government will spend £3.5 billion dollars to support those who are buying their first house or renovating their homes. The government will provide them equity loans of up to 20% to applicants in England, and prime mortgage rates in other parts of the country.

 

However, the policy faces objections from parties such as Liberal Democrats, who called the scheme “London-centric”. Opponents of the plan claimed that it will result in a property market bubble.

 

Cameron disagreed with the view as the latest statistics show that there is no significant increase in home prices across the country. “Nationally, excluding London and the South East, house prices are up just 3% over the last year - I think there are some people who are rather London-centric about this.”



    Editor:Annabelle | Source: CNTVNA


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