The Daily Telegraph reports that Britain’s biggest banks have warned the Chancellor that the lack of an end date to the Help to Buy scheme could cause serious distortion in the housing market. The British Bankers’ Association has said that clarification is needed on exit strategies. In its submission to the Treasury, the association cautioned: “Measures to support housing supply remain crucial to ensure that higher activity in the housing market does not just translate into higher prices.” Anthony Browne, chief executive of the BBA said: “It’s early days for the Help to Buy scheme, but there are positive signs that it will allow many families to get on the property ladder and provide a wider stimulus to the economy. However, we would urge the Government to spell out a clear process to wind down Help to Buy when the time is right.” One senior banking source agreed with the BBA’s summation, saying the status quo could cause a distortion in the housing market were the scheme not kept in check.

 

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