By Kate Brown
The Help to Buy housing scheme was the government initiative set up to help prospective buyers purchase a home. However, findings have revealed that the scheme is increasingly giving taxpayer funded loans to higher earners rather than helping cash-strapped buyers.
Official government statistics show that the average household income of people benefiting from the Help to Buy scheme is continuing to rise and stands at approximately £50,000. In London, the average household income of the recipient is almost £72,000. However, the average UK household only stands at £25,700.
Since 2013, when the scheme was first introduced, the average earnings of the Help to Buy recipient have risen 35% to almost £10,000 higher. Whilst wages have only increased by 6% since 2013, this suggests that the scheme is increasingly helping prospective buyers with higher incomes.
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