with Urban Land Institute/BNP Paribas, Pocket Living & JLL
In her first speech as Housing Minister at RESI 2019, Esther McVey made it clear that encouraging home-ownership was a clear priority. But how will first time buyers be helped onto the housing ladder now that Help to Buy is being scrapped?
In October 2018, Philip Hammond delivered his last budget to parliament, which included plans to end the controversial Help to Buy (HTB) scheme by 2023. We asked an expert panel for our Propcast what they think life will look like after HTB, and one thing was certain: it will not be a one size fits all solution.
According to JLL’s Adam Challis, HTB was created to support Britain’s struggling housebuilders in the years that followed the recession. But while rescuing firms was the number one priority, Adam believes “little thought was being given to when the market eventually stabilises”. However, while Vanessa Hale, director of research at BNP Paribas Real Estate, agreed with Challis, she believes house builders such as Telford Homes, who recently entered into two build-to-rent partnerships with M&G Real Estate and Invesco, are doing a great job in diversifying their portfolios.
For Pocket Living’s Nick Cuff, it was about how we get more land into the system, “as currently there isn’t enough”. With areas such as London needing an additional 65,000 new homes a year to cope with demand, organisations such as London First have urged the government to review green belt land rules to generate more opportunities to develop on.
Head of Living Research