Petition Drop the NewBuy scheme

The NewBuy scheme that enables first time buyers to take out 95% mortgages on new build homes is a foolhardy policy. This does not improve affordability of housing, only falling house prices will do that. The net effect of this scheme will be to increase demand for housing and thereby increase house prices. This is not a sustainable policy in these economic times.

The NewBuy scheme represents unwarranted intervention by the government in a market that should be left to normal market forces of supply and demand. This scheme will only serve to increase the indebtedness of first time buyers, who may suffer significant losses in the near to medium term if, and when, mortgage rates increase. This will also cost the taxpayer, who must underwrite this scheme.

I ask all those who agree with the above statements and who object to the NewBuy scheme to sign this petition and make it clear to the government that this intervention in the property market is not wanted.