Help to Buy scheme in the United Kingdom. Analysis and evaluation of the effects on the housing market and development of alternative measures

      Аннотация: The Government of the United Kingdom launched the Help to Buy scheme as a response to the persistent mismatch in housing supply and demand along with the consequent trend of ever rising house prices. In the book on hand the different components of the scheme are described and their official aims are revealed. These are contrasted with the real effects the scheme has on the residential property market. It is further evaluated whether Help to Buy has the intended impact and therefore is an appropriate measure to narrow the gap between housing supply and demand in addition to making home ownership more affordable. In this context, a cost-benefit analysis is undertaken and the scheme's scientific verification is assessed. Suggestions are presented on how to better target the scheme and alternative measures to tackle the problems on the housing market are developed. Finally, a recommendation for the most appropriate transition strategy after the expiration of Help to Buy is made and an unconventional view on the relevance of a high home ownership rate for an economy is expounded.

Ключевые слова: Help to Buy, housing policy, housing shortage, house price development, equity loan scheme, mortgage guarantee scheme, NewBuy scheme, UK housing market, housing affordability, mortgage finance, real estate bubble, Garden City, green belt swap, land banking, exit from Help to Buy