Iran: the failed protests

For now, the government remains in charge.

The Islamic Republic's 31st anniversary was unlikely to pass without incident. However, reformist and opposition figures have been left disappointed with their achievements.

Mass celebrations at Azadi Square, in central Tehran, were greeted by Mahmoud Ahmadinejad. The president appeared to make good his promise to deliver a "telling blow" to the west: he declared that Iran was now a nuclear state, with the capacity to enrich uranium to 20 per cent.

One day they said we cannot enrich uranium, but with the resistance of our leader, nation . . . and with the help of God, the Iranian nation has become nuclear.

The reformist "Green Movement" had planned demonstrations to express popular discontent with the lack of democratic accountability and representation in Iran. However their attempts were quashed by a security apparatus clearly prepared for them. The movement had declared that "each Iranian is a media outlet", but their attempts to use technology to co-ordinate their protests were disrupted by blocks on Gmail and weak internet connections.

Demonstrators were met by the Basiji and Revolutionary Guard, who ensured that large groups of oppositionists could not congregate. The tactics appear to have been effective, leaving a representative of the National Iranian American Council to conclude on its live blog:

One thing I'm struck by is just how much the government has been in control today. Sure, they chartered busses and lured tens of thousands to the official government rally with free food, but they have also managed to keep the opposition activities largely on their terms today.

Despite the government's tight management of the main scene in Tehran, there have been reports of clashes with notable political figures.

Ayatollah Khomeini's granddaughter has reportedly been arrested, along with her husband, a brother of Mohammed Khatami.

Mehdi Karroubi's car was attacked and a number of his followers were arrested, including his youngest son, Ali. Karroubi himself suffered pepper spray and tear gas burns. You can read an interview with one of his sons here.

Reports from later in the day have claimed that Mir Hossein Moussavi's wife, Zahra Rahnavard, was attacked by plain-clothed militia forces. It is said that postings on Moussavi's website corroborate these claims.

Attacks on high-profile reformist individuals are likely to add weight to calls for accountability and justice, fuelling the demonstrations against the government. Events may have been state-managed well today but the reformists' message remains the same. Although the government isn't teetering towards revolution as some commentators may claim, tensions continue to fester and seem unlikely to disappear.

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I was wrong about Help to Buy - but I'm still glad it's gone

As a mortgage journalist in 2013, I was deeply sceptical of the guarantee scheme. 

If you just read the headlines about Help to Buy, you could be under the impression that Theresa May has just axed an important scheme for first-time buyers. If you're on the left, you might conclude that she is on a mission to make life worse for ordinary working people. If you just enjoy blue-on-blue action, it's a swipe at the Chancellor she sacked, George Osborne.

Except it's none of those things. Help to Buy mortgage guarantee scheme is a policy that actually worked pretty well - despite the concerns of financial journalists including me - and has served its purpose.

When Osborne first announced Help to Buy in 2013, it was controversial. Mortgage journalists, such as I was at the time, were still mopping up news from the financial crisis. We were still writing up reports about the toxic loan books that had brought the banks crashing down. The idea of the Government promising to bail out mortgage borrowers seemed the height of recklessness.

But the Government always intended Help to Buy mortgage guarantee to act as a stimulus, not a long-term solution. From the beginning, it had an end date - 31 December 2016. The idea was to encourage big banks to start lending again.

So far, the record of Help to Buy has been pretty good. A first-time buyer in 2013 with a 5 per cent deposit had 56 mortgage products to choose from - not much when you consider some of those products would have been ridiculously expensive or would come with many strings attached. By 2016, according to Moneyfacts, first-time buyers had 271 products to choose from, nearly a five-fold increase

Over the same period, financial regulators have introduced much tougher mortgage affordability rules. First-time buyers can be expected to be interrogated about their income, their little luxuries and how they would cope if interest rates rose (contrary to our expectations in 2013, the Bank of England base rate has actually fallen). 

A criticism that still rings true, however, is that the mortgage guarantee scheme only helps boost demand for properties, while doing nothing about the lack of housing supply. Unlike its sister scheme, the Help to Buy equity loan scheme, there is no incentive for property companies to build more homes. According to FullFact, there were just 112,000 homes being built in England and Wales in 2010. By 2015, that had increased, but only to a mere 149,000.

This lack of supply helps to prop up house prices - one of the factors making it so difficult to get on the housing ladder in the first place. In July, the average house price in England was £233,000. This means a first-time buyer with a 5 per cent deposit of £11,650 would still need to be earning nearly £50,000 to meet most mortgage affordability criteria. In other words, the Help to Buy mortgage guarantee is targeted squarely at the middle class.

The Government plans to maintain the Help to Buy equity loan scheme, which is restricted to new builds, and the Help to Buy ISA, which rewards savers at a time of low interest rates. As for Help to Buy mortgage guarantee, the scheme may be dead, but so long as high street banks are offering 95 per cent mortgages, its effects are still with us.