When former UK chancellor George Osborne launched the Help To Buy property ownership scheme in 2013, he promised “a great deal for homebuyers” and “a great support for homebuilders”.
Six years on it has certainly delivered on the second.
Persimmon this week became the first UK housebuilder to post annual pre-tax profits above £1bn. Since 2012 its profits have more than trebled. Rivals Taylor Wimpey and Bovis Homes have benefited from a similar rise, while at Barratt, the UK’s largest housebuilder, profits have risen from £110m to £835m in the same period. Share prices across the industry have soared.
