The Isle of Man has asked for extra funds for a scheme that helps first time buyers get a home. It offers financial support.
This is the wrong thing to be doing to help first time buyers. It continues the high house prices that make the houses unaffordable in the first place!
The scheme is asking for £2.8M to help 120 people buy homes.
That means each person is being helped to the tune of £23333.33
Surely if First time buyers need that sort of help then it just means that housing is too expensive!
If FTB are the lifeblood of the housing market then without them prices might fall to affordable levels.
The only people who benefit from this are the house builders who must be laughing all the way to the bank being able to continue to charge more than people can afford.
It’s a shocking scheme in my opinion that should be scrapped. When first time buyers can not afford to buy a house it means they are too expensive!
Whilst this scheme continues the prices will not get more affordable!