UK
Ireland
Scotland
London
Construction News
30/05/2014
27k Benefit From Help To Buy
Over 27,000 people across the country have bought a new home through the government's Help to Buy scheme, according to data released by No. 10.
In total, 27,861 households have been helped by the scheme, which is aimed at benefiting first-time buyers.
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%. The rest is covered by a mortgage.
The Mortgage Guarantee offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.
The Help to Buy scheme has been extended up to March 2020 with a further £6bn, which the government says will support the construction of up to 200,000 new homes.
74% of the homes bought through Help to Buy are new-build properties, according to No. 10. Private house building is up 34% since the launch of Help to Buy.
The figures released by the government reveal that 85% of Help to Buy sales are to first-time buyers. The average house price for the combined schemes stands at £191,295, or £151,597 for mortgage guarantee and £204,805 under the equity loan scheme, all of which are below the UK average house price of £252,000.
Prime Minister David Cameron said: "For those without rich parents, the dream of home ownership remained just that: a dream. That is why we brought in Help to Buy.
"Today, Help to Buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country. It is an important part of our long term plan to back those who want to get on and to secure a better future for Britain."
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."
(IT)
In total, 27,861 households have been helped by the scheme, which is aimed at benefiting first-time buyers.
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%. The rest is covered by a mortgage.
The Mortgage Guarantee offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.
The Help to Buy scheme has been extended up to March 2020 with a further £6bn, which the government says will support the construction of up to 200,000 new homes.
74% of the homes bought through Help to Buy are new-build properties, according to No. 10. Private house building is up 34% since the launch of Help to Buy.
-- Advertisement --
The figures released by the government reveal that 85% of Help to Buy sales are to first-time buyers. The average house price for the combined schemes stands at £191,295, or £151,597 for mortgage guarantee and £204,805 under the equity loan scheme, all of which are below the UK average house price of £252,000.
Prime Minister David Cameron said: "For those without rich parents, the dream of home ownership remained just that: a dream. That is why we brought in Help to Buy.
"Today, Help to Buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country. It is an important part of our long term plan to back those who want to get on and to secure a better future for Britain."
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."
(IT)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
