Oral Answers to Questions

Debate between Simon Clarke and Peter Gibson

Monday 17th October 2022 Commons Chamber

[Peter Gibson (Darlington) (Con)]

14. What steps the Government are taking to support home ownership.

[The Secretary of State for Levelling Up, Housing and Communities (Mr Simon Clarke)]

We are committed to creating a fair and just housing system that works for everyone. We have already cut stamp duty land tax, as the threshold at which it becomes due has doubled to £250,000, and we are expanding first-time buyers’ relief. We also have a range of programmes in place to help people into home ownership. Since spring 2010, more than 800,000 households have been helped to purchase a home through Help to Buy.

[Peter Gibson]

My right hon. Friend will know that 836 families in Darlington have benefited from Help to Buy in the past year, and 715 of them were first-time buyers. Given the success of the scheme what consideration has he given to extending it beyond March 2023?

[Mr Clarke]

I gladly pay tribute to Help to Buy, which has been a huge success, helping over 316,000 households to buy a new build from its launch in spring 2013 until the end of March this year. However, it was never designed to be a permanent intervention in the housing market. The closure at the end of March 2023 has been planned and publicised since the 2018 Budget, which has allowed the market to respond by introducing several products that provide similar levels of support to Help to Buy for first-time buyers. The Government have introduced various schemes as well, including First Homes, the mortgage guarantee scheme and shared ownership.

Oral Answers to Questions

Debate between Simon Clarke and Peter Gibson

Tuesday 1st February 2022 Commons Chamber

[Mr Clarke]

I thank the hon. Gentleman for his question. This relates to the future fund, a rules-based scheme that means that any firm is eligible for funding, providing it meets the required eligibility criteria for the scheme and passes the necessary checks. Neither the Government nor the British Business Bank chose specific investments; it is about helping innovative equity-backed companies to weather the economic disruption caused by covid and continue their long-term growth projection.

[Peter Gibson (Darlington) (Con)]

I commend my right hon. Friend for the steps he has taken to level up in Darlington, with the establishment of the Darlington economic campus. Will he update the House on the progress to bring high-quality, well-paid jobs to my constituency?