英国房企股价暴跌，预算案首次购房者计划令市场失望作者：Simone Lobo 和 Raechel Thankam Job 10月28日 —— 周三，英国房企股价大幅下挫，此前财政大臣约翰·希利备受期待的首次购房者计划因资金有限、推出时间晚于预期以及费用高于开发商预期，令投资者失望。
UK homebuilders slump as budget's first-time buyer scheme disappoints By Simone Lobo and Raechel Thankam Job Oct 28 - Shares in British homebuilders slumped on Wednesday after finance minister John Healey's much-awaited scheme for first-time homebuyers disappointed investors with limited funding, a later-than-expected rollout and higher fees than developers anticipated.
希利确认，“您的首套住房”计划将于明年春季推出，由政府担保贷款提供47亿英镑（约合62.4亿美元）资金支持。
Healey confirmed the "Your First Home" scheme would be introduced next spring, funded with £4.7 billion ($6.24 billion) of government-backed lending.
但分析师表示，推出时间晚于市场预期，首批股权贷款预计要到2027年4月才会发放，很可能错过关键的春季销售旺季开端。
But analysts said the launch was later than hoped, with the first equity loans not expected to be issued until April 2027, likely missing the start of the crucial spring selling season.
开发商将须根据其每年通过该计划销售的住房套数，支付1%至4%的累进费用。
Developers will have to pay progressive fees from 1% to 4%, based on the number of homes they sell through the programme annually.
皮尔亨特分析师萨姆·卡伦表示，年销量超过250套住房将被征收4%的费用，高于市场预期的1%左右的名义费用。
The 4% fee on sales above 250 homes was higher than the nominal fee of around 1% the market expected, Peel Hunt analyst Sam Cullen said.
在部长发表预算案演讲后，房企板块指数下跌逾6%，抹去了自政府9月宣布该计划以来约9%的涨幅。
The homebuilders sector index fell more than 6% after the minister's budget speech, reversing a rally of about 9% since the government announced the scheme in September.
巴拉特雷德罗、泰勒·温皮和潘西蒙股价均下跌7%，跻身欧洲斯托克600指数最大跌幅之列。资金不足投资公司Investec分析师安斯利·拉明表示：“最大的问题更多在于资金水平及其对计划持续时间的影响。”
Barratt Redrow, Taylor Wimpey and Persimmon were all down 7%, among the biggest losers on Europe's STOXX 600 index.
拉明指出，资金规模表明该计划可能只能维持几年，而非五年或更久，这可能会阻碍建筑商投入新地块开发。
FUNDING FALLS SHORT "The biggest issue is more around the level of funding and the consequent duration of the scheme," said Investec analyst Aynsley Lammin.
奎尔特·切维奥特房地产研究主管奥利·克里西表示，每年接近20亿英镑的资金量才能刺激销量增长。“实际宣布的资金远未达到这一水平。”
The funding suggested the scheme would only last a couple of years rather than five or more, Lammin noted, potentially deterring builders from committing to new sites.
该计划接替了2023年3月结束的“购房援助”计划，但对申请人设定了收入上限，并要求开发商分担补贴成本。
A figure close to £2 billion per year would be required to spur an increase in sales volumes, said Oli Creasey, head of property research at Quilter Cheviot. "The actual announcement has fallen some way short of that." The plan succeeds the "Help to Buy" scheme that ended in March 2023, but imposes income caps on applicants and requires developers to contribute to the subsidy.
卡伦表示，这意味着对建筑商盈利能力的提振将比此前预期的要小。
That meant the boost to builders’ profitability would be smaller than previously expected, Cullen said.