“Government’s Help to Buy housing scheme increasingly benefiting higher earners”

“The government’s flagship, multibillion pound scheme for helping people to buy a home is increasingly giving taxpayer-funded loans to higher earners, The Independent can reveal.

The Help to Buy initiative was designed to help cash-strapped buyers, but analysis reveals the average salary of people receiving equity loans has shot up since it was introduced.

Official government data reveals the average household income of people benefiting from the £8.3bn scheme is continuing to rise, and now stands at just under £50,000.

London, the figure is even higher, with the average recipient of a Help to Buy loan having a household income of almost £72,000….

Almost one in five Help to Buy beneficiaries are already homeowners, and on average these recipients are wealthier than first-time buyers, with an income £8,500 higher.

The Independent has previously revealed how millions of pounds of public funds are being loaned to people with an income of more than £100,000.

The latest figures reveal that more than 6,200 households with an income of more than £100,000 have benefited from taxpayer-funded loans.

The Department for Housing, Communities and Local Government has been contacted for comment.”

Source:Independent

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