Responding to the announcements that Persimmon’s profits have topped £1 billion as it is under scrutiny over its continued involvement in the Help to Buy scheme, Leader of the Liberal Democrats Vince Cable said:

“Far from benefiting first time buyers, the major effect of Help to Buy is to drive up demand while having no effect on supply.  Prices go up and buyers are forced off the housing ladder. The result is not help for those who need it, but a boost to the profits of big developers.
 
“Liberal Democrats have set out how government could be delivering 300,000 homes a year over the next decade, by creating a British Housing Company as a dedicated, not-for-profit body to build on land acquired compulsorily without profits from land scarcity.
 
“The fact that Persimmon’s profits have topped £1 billion at the taxpayer’s expense is a scandal. The Government must act to stop Help to Buy, rather than allowing big housebuilders to pinch their profits from the public purse.”

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