IMF in Help to Buy warning

Fri, 11 Oct 2013

IMF in Help to Buy warning
The International Monetary Fund (IMF) has said that the Help to Buy scheme needs to go hand-in-hand with the building of more homes.

Jose Vinals - who is the IMF's director for global financial stability - has said that authorities need to be "vigilant" to the potential risks it could create to the housing market, warning that supply needs to be able to meet demand in order to avoid another housing bubble.

Mr Vinals said: "If the scheme only increases the demand for housing but there is no sufficient response on the supply for new housing this may lead to higher housing prices which may actually reduce affordability."

Deputy prime minister Nick Clegg has already revealed this week that he believes the Bank of England needs to keep a close watch on whether the scheme is working, and that it should not be afraid to "shut it down" if it appears as though it is failing to achieve what it was designed to do.

Under the Help to Buy initiative, buyers will be able to secure a mortgage with just a five per cent deposit for properties valued at £600,000 and under.
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