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'Help To Buy' No Help In South Lakeland - Farron

July 7, 2016 3:16 PM

Tim Farron MPThe government's flagship 'Help To Buy' scheme is no good for South Lakes residents, according to local MP Tim Farron. The latest figures show that nobody in the area has managed to benefit from the scheme.

Almost a million pounds have already been paid out under the 'Help to Buy' scheme, yet none of this money has come to South Lakes residents.

Under the 'Help To Buy' scheme, the government will give first-time buyers up to £3000 towards a deposit, based on savings of £12,000. However, this will still leave first-time buyers in South Lakeland significantly short of the amount needed to get on to the housing ladder. The average house price in the area is £240,667.

Even if a couple manage to save enough for a 10% deposit, each using the 'Help to Buy' scheme, this would leave them with £216,600 mortgage to pay. With an average wage in the area of £26,520 this would still leave the property well beyond the means of an average couple.

Tim said: "We have a situation where a couple earning an average wage cannot buy an average-cost house in our area, even with this scheme. The 'Help To Buy' scheme simply does not help your average person in South Lakeland. The government has created a scheme which overlooks the situation people here face.

"The government must seriously address the lack of affordable housing in our area. If it does not, our communities risk being divided as young people are forced to leave the area where they grew up and work, so they can afford a home to live in."