A builder has praised the success of the Government’s Help to Buy as it celebrates its first anniversary, claiming the scheme has seen thousands of people buy the new-build home of their dreams.
Persimmon Homes Lancashire said the scheme had especially helped first-time buyers, many of whom feared they would never raise a huge deposit to get them on the property ladder.
Under the first Help to Buy, people buying a new-build only need a five per cent deposit, along with a 75 per cent mortgage, while the Government supplied a 20 per cent equity loan, which is interest and repayment free for the first five years.
Last October, Help to Buy 2 was launched, a mortgage guarantee scheme aimed at the second-hand property market.
However, it is the original scheme which Persimmon Homes says has had an incredibly positive impact, not just on the housing market but on the building industry as a whole.
Persimmon Homes nationally has seen 4,748 reservations, 3,544 contracts exchanged and 2,746 completions under the scheme.
As for Lancashire, the region has seen 98 completions under the scheme.
Mark Cook, managing director of Persimmon Homes Lancashire, said: “People forget that when the recession really bit, it was the building trade that suffered significantly.
“The scheme has boosted confidence for all builders and, as more new homes go up, it is helping to bridge the gap between supply and demand.
“Help to Buy has opened the doors for buyers desperate to buy their own home and live somewhere that is truly theirs.”