Is home ownership no longer important?

Is home ownership no longer a priority in this country? As more people are renting should it not be a concern to make renting more affordable in order to combat the ongoing crisis of homelessness in this country.  I have only just been informed that the current government will scrap the help to buy scheme after my last visit at the bank that was introduced in 2013. This is totally unfair as the scheme provided a great source of assistance to particularly young women who have been working on an average salary in their early twenties. Just like me, there are thousands of women who dream of owning their home you can decorate it as you please, I would consider it to be a major accomplishment in my life to own a home under my name as a woman in my twenties just like a man. This has always been my focus, where I would save my monthly salary to savings enough to build towards a deposit that is only 5% of the purchase price under the current scheme. That is an only small amount that could be built up by anybody with hard work with an additional 20%-40% from the government, therefore it should be retained. Owning home has so many advantages for instance it provides a good sense of security for loved one after you pass. A home is a place of comfort and shelter for yourself from adverse weather and the outside world where you can switch off. In addition, if you can pay of your loan within an 25 year period then you can use the property to generate further income by letting to tenants that will be adding to the economy at early age. As less people are buying properties then what will be used as an asset that can be sold if you were to take out a loan to start a business as form of security to reimburse the cost if the company was to go dissolved. Could the current scheme be slightly modified in the sense as it only applies to newly built homes but the quality of new built homes is very poor where further work needs to be carried after the purchase due to faults therefore it’s not considered much of an investment. Could the scheme be applied to all forms of property not just newly built homes. I would like to ask the government what is being introduced to replace the current scheme to boost home ownership  There is an argument that a lot government funding is being wasted on the scheme then where is the money that is going saved going to be spent? I hope the money will be spent on the homeless and to reduce rent costs. In addition, another argument is that the scheme has only benefited the privileged I do not think so it has actually helped those who live in a very expensive area like London where prices are volatile. Another question, I have if the scheme has raised housing prices then why are renting prices still high? Shouldn’t one be reduced if both are staggeringly high then the scheme is contradicting itself.

Published by uniquemotin786

Deep thinker, politically savvy, commentator, writer, you name it.

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