Osborne asks for Bank of England assistance on Help to Buy

Fri, 27 Sep 2013

Osborne asks for Bank of England assistance on Help to Buy
Conservative chancellor George Osborne has asked the Bank of England to take a more prominent role in the Help to Buy scheme.

Ed Miliband, Ed Balls, Vince Cable, the International Monetary Fund and Nick Clegg are among those known either publicly or privately to have reservations about the mortgage scheme and this could endanger its continuation after 2015.

Critics think the programme will inflate the housing market, especially as the rate of homebuilding is not keeping up with demand.

But figures released yesterday (September 26th) by the Financial Times show the number of land plots being purchased by companies like Redrow and Hovis are higher than at any point since the recession and this could signal an impending construction boom.

To add to reassurance over the scheme, Mr Osborne will ask Mark Carney, head of the Bank of England, to oversee the property market and ensure prices do not rise to unsustainable levels.

It is unclear if this will result in the added support the Conservatives want, but the inclusion of an independent body in the monitoring of any potential housing bubble will likely be welcomed.
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