The Government's decision to pump an additional £10 billion into the Help to Buy scheme has not gone down well with the public, a new poll suggests.
Last week, Prime Minister Theresa May said the move would help a further 135,000 people onto the property ladder.
And while you might think that would announcement would be broadly welcomed, a poll by personal finance website loveMONEY found that almost nine in 10 (88%) people were opposed to the move.
It’s simple economics
As has been written many, many times before, the problem with Britain's housing market is not down to a lack of demand, but of supply.
There are simply not enough homes being built, so handing more money to struggling would-be buyers through Help to Buy only serves to prop up already-inflated house prices.
As loveMONEY writer Felicity Hannah highlighted in her brilliant opinion piece last week, “the current system is merely lining the homebuilder’s pockets, enriching existing homeowners by boosting their property values and doing nothing for the housing security of poorer households.”
“Extending [Help to Buy] makes no sense and I can’t understand why the Tories can’t see that."
She also claimed that the best way to help is to build more social and affordable housing.
“If we boost supply then that will ease demand and prices will stop rising – in fact, they may even fall.
“More renters will be able to secure social housing, and enjoy the stability and security that everyone deserves.”
It’s a powerful argument – and one which many people seem to agree with, if this latest poll is to be believed.