Help To Buy scheme could lead to 200,000 new homes being built

The Government’s Help to Buy scheme has helped over 27,000 people across the country move into new homes and it’s likely to lead to 200,000 new homes being built until 2020.

The Help to Buy Equity Loan enables people to buy a newly-built home with a deposit of at least 5% of the property price, while the government offers a loan of up to 20%, while the rest is covered by a mortgage, a news report tackling this topic explains.

74% of the homes bought through Help to Buy are new-build properties and private house building is up 34% since the launch of Help to Buy. Home Builders Federation Executive Chairman Stewart Baseley said: “After a number of years when house building levels fell to a record low level, all indicators show supply is now increasing rapidly.

“The Help to Buy Equity Loan scheme is supporting demand for new build homes – and if buyers can buy, builders can build. Its extension provides certainty about longer–term demand that will allow the industry to plan ahead, rebuild capacity lost in the downturn and ultimately deliver sustainable increases in supply.

“This is providing desperately needed homes and also creating tens of thousands of jobs on sites across the country and in the supply chain.”

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