Help to Buy yet to prove 'it is providing value for money'

Help to Buy, the Government scheme which aims to get more people onto the housing ladder, has come under fire for failing to show its providing value for money, from an influential group of MPs.

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Help to Buy fails to 'provide value for money'

The Help To Buy scheme has been criticised for failing to provide value for money and creating risk for the taxpayer by an influential group of MPs.

Help To Buy has already been accused of helping to create a dangerous housing bubble. Credit: PAd

The Government's flagship policy was accused of creating "medium and long-term risk" to taxpayers who are faced with a £10bn loans portfolio, according to the Public Accounts Committee (PAC).

In a report, the committee said this will create a "heavy administrative burden" for decades to come.

The spending watchdog said the scheme was introduced smoothly and quickly last year and helped 13,000 home-buyers within nine months.

But it noted that Eric Pickles's Department for Communities and Local Government (DCLG) violated Treasury guidelines by failing to carry out any assessment of alternative options before going ahead with the scheme.

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