Housing scheme helps people buy £130m of homes in Sussex

Housing scheme helps people buy £130m of homes in Sussex

Housing scheme helps people buy £130m of homes in Sussex

First published in News by

HUNDREDS of house buyers have been given a helping hand by the Government to buy property worth £130 million under the Help to Buy Scheme.

New figures reveal that 149 loans have been approved for homes in Sussex under the ‘mortgage guarantee scheme’ and a further 539 homeowners under the sister ‘equity loan scheme’ in its first 13 months.

Mid Sussex had the highest number of mortgage guarantees with 18 loans on homes worth £3.8 million while 16 loans on Brighton and Hove homes worth £3.8 million were approved and 17 loans on Arun properties worth £3 million.

Rother had the slowest take-up of the scheme in the county, with just five approved on homes worth a combined £729,000.

The average cost of a home in the mortgage guarantee scheme, where homeowners can buy with just 5% deposit, in Sussex was £204,563 compared to the national average of £150,000.

Meanwhile Horsham had the highest take-up of the ‘equity loan scheme’, where the government loans up to 20% of a property asking price of £600,000 or less, with 129 buyers receiving Government support while in Lewes no one took up the equity scheme.

Councillor Chaun Wilson, Labour’s housing spokeswoman, said: “Whilst we support measures which will enable more people to buy their own home, Help to Buy has had a limited impact, generally fuelling price increases and placing home ownership further out of reach for many in the city. “What’s more, by cutting subsidies to build affordable homes, the Government has further limited housing supply, making it even harder for people to get on the property ladder.”

Councillor Jason Kitcat, leader of Brighton and Hove City Council, said successive governments have failed to tackle the “national housing crisis” and controls on private rent levels and a nationwide government-supported programme of affordable house-building were needed.

He added: “Help to Buy has helped a few to buy properties, but it risks pushing housing prices even further beyond many residents’ reach.

“It would be far better to have a more targeted scheme helping council tenants to buy new properties thereby freeing up council housing and stimulating new developments.”

Conservative councillor and housing committee member Mary Mears “warmly welcomed” the scheme.

She said: “It is especially encouraging that Help to Buy appears to be stimulating the supply of new housing, which has been far too low for far too long.”

Comments (5)

Please log in to enable comment sorting

8:27am Sat 31 May 14

From beer to uncertainty says...

Another disgraceful policy.

Those privately renting should be obliged to register the amount of rent paid at their address along with the landlords name. HMRC should cross reference and demand the expected returns - tax evasion and avoidance by private landlords is rife. Accountants submitting returns where maintenance and overheads are almost certainly fabricated need some jail time and slumlords need to receive breath-taking fines. Such a system would be far easier and cheaper than the pointless bedroom tax. The back payments would be staggering.
Another disgraceful policy. Those privately renting should be obliged to register the amount of rent paid at their address along with the landlords name. HMRC should cross reference and demand the expected returns - tax evasion and avoidance by private landlords is rife. Accountants submitting returns where maintenance and overheads are almost certainly fabricated need some jail time and slumlords need to receive breath-taking fines. Such a system would be far easier and cheaper than the pointless bedroom tax. The back payments would be staggering. From beer to uncertainty
  • Score: 12

9:21am Sat 31 May 14

Max Ripple says...

From beer to uncertainty wrote:
Another disgraceful policy.

Those privately renting should be obliged to register the amount of rent paid at their address along with the landlords name. HMRC should cross reference and demand the expected returns - tax evasion and avoidance by private landlords is rife. Accountants submitting returns where maintenance and overheads are almost certainly fabricated need some jail time and slumlords need to receive breath-taking fines. Such a system would be far easier and cheaper than the pointless bedroom tax. The back payments would be staggering.
Well you'd be a nice person to have a drink with. We'd just have to remember not to say anything about our financial affairs for fear of you scrambling off to HMRC to blow the whistle.
On the main story - Help to Buy is just fuelling the housing bubble. More young folks desperate to get on the ladder pushing themselves even further financially and ending up saddled with mortgages that they won't be able to pay when interest rates go up. And they will.
[quote][p][bold]From beer to uncertainty[/bold] wrote: Another disgraceful policy. Those privately renting should be obliged to register the amount of rent paid at their address along with the landlords name. HMRC should cross reference and demand the expected returns - tax evasion and avoidance by private landlords is rife. Accountants submitting returns where maintenance and overheads are almost certainly fabricated need some jail time and slumlords need to receive breath-taking fines. Such a system would be far easier and cheaper than the pointless bedroom tax. The back payments would be staggering.[/p][/quote]Well you'd be a nice person to have a drink with. We'd just have to remember not to say anything about our financial affairs for fear of you scrambling off to HMRC to blow the whistle. On the main story - Help to Buy is just fuelling the housing bubble. More young folks desperate to get on the ladder pushing themselves even further financially and ending up saddled with mortgages that they won't be able to pay when interest rates go up. And they will. Max Ripple
  • Score: -6

9:26am Sat 31 May 14

HJarrs says...

If only as much effort and finance had been put behind the failure of the green deal! By now we could have been on the way to a revolution of all properties in the country, significantly reducing emission, ending fuel poverty, making houses comfortable even in the hardest winter, ending the national disgrace of thousands of hyperthermia deaths in the UK and providing tens of thousands of quality jobs.

Instead, while it has helped some buy a roof over their heads, we have a scheme primarily for the benefit of the balance sheet for banks and private developers with billions in liability for the tax payer.
If only as much effort and finance had been put behind the failure of the green deal! By now we could have been on the way to a revolution of all properties in the country, significantly reducing emission, ending fuel poverty, making houses comfortable even in the hardest winter, ending the national disgrace of thousands of hyperthermia deaths in the UK and providing tens of thousands of quality jobs. Instead, while it has helped some buy a roof over their heads, we have a scheme primarily for the benefit of the balance sheet for banks and private developers with billions in liability for the tax payer. HJarrs
  • Score: -3

9:31am Sat 31 May 14

Maxwell's Ghost says...

The HMO licensing system in the city would be a good start to introduce minimum standards for insulation and energy efficiency. The licence agreements gives rules on sinks and room sizes yet nothing about the slum conditions these houses are in. Look at the number of student lets without curtains let alone double glazing, wooden or tatty breezy old aluminium windows installed in the 1970s, old wooden doors which have warped and shrunk over the years.
The housing stock is poor in the city. Take a look at latest homes and look at the shocking state of HMOs which come up for sale.
The HMO licensing system in the city would be a good start to introduce minimum standards for insulation and energy efficiency. The licence agreements gives rules on sinks and room sizes yet nothing about the slum conditions these houses are in. Look at the number of student lets without curtains let alone double glazing, wooden or tatty breezy old aluminium windows installed in the 1970s, old wooden doors which have warped and shrunk over the years. The housing stock is poor in the city. Take a look at latest homes and look at the shocking state of HMOs which come up for sale. Maxwell's Ghost
  • Score: 3

10:21am Sat 31 May 14

HJarrs says...

HJarrs wrote:
If only as much effort and finance had been put behind the failure of the green deal! By now we could have been on the way to a revolution of all properties in the country, significantly reducing emission, ending fuel poverty, making houses comfortable even in the hardest winter, ending the national disgrace of thousands of hyperthermia deaths in the UK and providing tens of thousands of quality jobs.

Instead, while it has helped some buy a roof over their heads, we have a scheme primarily for the benefit of the balance sheet for banks and private developers with billions in liability for the tax payer.
That should be "a refurbishment revolution"
[quote][p][bold]HJarrs[/bold] wrote: If only as much effort and finance had been put behind the failure of the green deal! By now we could have been on the way to a revolution of all properties in the country, significantly reducing emission, ending fuel poverty, making houses comfortable even in the hardest winter, ending the national disgrace of thousands of hyperthermia deaths in the UK and providing tens of thousands of quality jobs. Instead, while it has helped some buy a roof over their heads, we have a scheme primarily for the benefit of the balance sheet for banks and private developers with billions in liability for the tax payer.[/p][/quote]That should be "a refurbishment revolution" HJarrs
  • Score: -2

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree