Poll suggests a third of people in Britain don’t support the Government’s flagship Help to Buy
A third of people are not supportive of the Government’s flagship Help to Buy programme and have concerns that it has been pushing up property prices, according to a new poll.
The survey by investment platform British Pearl found that 31.5% of those polled did not support the scheme which is designed to help people get a foot on the property ladder with help towards mortgage and deposit costs.
Of those opposed to Help to Buy, some 37.5% blamed it for house price inflation, while 35.8% argued that the Government should instead use the cash to build more homes.
More than a quarter of those who disagreed, some 26%, felt the programme is unnecessary and those who can’t afford to buy should rent a home while 24.3% believe that the Government should not be interfering in the property market.
The poll also found millennials were among the least likely to be in favour of Help to Buy, while older respondents were actually more likely to support it. Just 59.8% of 16 to 24 year olds supported it, along with 66.7% of 25 to 34 year olds while 70.1% of 45 to 54 year olds did, as well as 73.1% of the over 55’s.
The responses show that, generally, the younger someone is, the less likely they are to trust Help to Buy, suggesting one of the main demographics Help to Buy is supposed to appeal to are the least likely to feel it would benefit them.
The poll also revealed people in Norwich were the least likely to be in favour of the scheme, with 55.1% in favour of it whereas in Bristol some 75.9% said they did support Help to Buy.
Income also impacted people’s perception, with those earning between £35,001 and £45,000 being the most likely to support Help to Buy at 74.3%, while those taking home between £65,001 and £75,000 being the least likely at 60.9%.
Investment manager at British Pearl, James Newbery said while there were certainly good intentions behind Help to Buy and it has helped people onto the ladder, the poll suggests a significant portion of Brits are still to be sold on the scheme.
Newbery said its merits are either not being communicated effectively enough to generation rent or people are beginning to believe the scheme has become part of the problem rather than the solution.
He said public opinion is becoming jaded by a persistent lack of stock and ever increasing property prices, so something clearly needs to be done to address Britain’s housing crisis and the country’s perception of how the Government is handling it.