Minister for Planning Matthew Pennycook MP has told a parliamentary committee that whilst he and his team were “continuing to have discussions”, there are no imminent plans for a replacement Help-to-Buy scheme following the previous Government’s programme ending in March 2023.
Speaking at the Housing, Communities and Local Government Committee on Tuesday, Pennycook informed the panel of MPs that his department was, however, conducting a “full evaluation” of the Help-to-Buy programme, and was aware that “the housebuilders have been very clear, they want to see a demand-side stimulus”.
This comes as multiple housebuilders, including Barratt Redrow and Bellway, again published underwhelming results, averaging 0.47 and 0.55 private reservations per outlet per week respectively. MJ Gleeson also acknowledged a “subdued market environment” in their recent report.
The government have continued pushing “supply-side” reforms over the last few weeks, including a new consultation on Spatial Development Strategies that was published last Thursday. However, without the programmes in place to support home buyers, especially first-timers, new homes look to become easier to plan and build, but no easier to afford.
Though Matthew Pennycook seems to have heard the requests of the private sector, there is still no immediate evidence of an upcoming change in policy, despite the Planning Minister also being careful to never rule it out. Time will tell if the Government sees Help to Buy as their “Get Out of Jail Free” card, as their 1.5 million home target continues to look less and less achievable. The government may also seek to change their target from building 1.5 million homes to 1.5 million consented plots – seemingly a much more achievable goal.
