Rigging the market

Thursday, January 24, 2013
9:06 PM

The scheme to help first-time buyers on to the property ladder is a shocking waste of public money.

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These sort of schemes just distort the housing market in favour of those “selected” for the schemes, and involve a lot of cost.

Local authorities such as North Devon Council are supposed not to have any money – and it’s not the job of a council to use taxpayers’ money to subsidise the housing market, so distorting what is already a market heavily distorted.

These schemes should not be taken up, as taxpayers’ money is at risk, and Lloyds TSB will benefit either way, whether people default or house prices fall.

A person who takes up this scheme will find themselves saddled with an unaffordable mortgage, thus keeping prices of a home at a high price.

It won’t lower the cost of getting a home. Rather, it will help keep the market prices high.

North Devon Council just cannot take on any more risks on potty schemes while the budget they have is being cut and council jobs are being lost.

Whatever next ... North Devon Council to start giving away its land for free?

Cllr David Luggar

Landkey

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