Realty Reality

Will everyone just slow down a second……the housing market needs a reality check. In fact, David Cameron you need the biggest slice of fact as you have gorged on fiction yet again.

 

If you were to believe the Council of Mortgage Lenders, Royal Institution of Chartered Surveyors, David Cameron, anyone mildly associated with David Cameron, any Estate Agent, my Aunty Eileen……you would be under the impression that the property market had been rescued overnight……all due to the great success of the Help to Buy Scheme self-congratulatory introduced by……(you guessed it) David Cameron.

 

Let’s cut to the chase here.

 

Mortgage approvals for house purchases over the past month were 67,000. This is the highest level since February 2008.

 

HOWEVER:

 

(A)  Of this figure, only 2,000 used the Help To Buy Scheme. That’s less than 3%.

 

(B) The combined borrowing figure of £365 million using the Help To Buy Scheme  
      represented less than 1% of the total amount borrowed.

 

Perspective is worth so much more than cheap headlines.

 

If only Westminster realised this.