Some local authorities want to be able to offer mortgages to people who can’t afford to buy houses.
On the face of it, this isn’t such a bad idea. House prices are far too high and if it was directed at the right people – young people who are priced out of their rural home towns, turning them into virtual holiday camps – then it certainly has its merits.
But – and this is a big but – it’s funded by the taxpayer and to be quite frank, we just don’t have the kind of money spare that would be needed to make this work. Which is presumably why they’re only asking for a fund of £2bn, barely enough to pay for 13 small 2 bedroom houses. It’s not clear whether that’s £2bn for each local authority or £2bn between them. Either way, it barely touches the sides.
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