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2,000 sign up to NewBuy home scheme

9th November 2012 | back to article listings BACK    print this article PRINT

The government's NewBuy housing scheme has seen reservations on more than 2,000 UK properties since its launch in March this year, the Home Builders Federation (HBF) has revealed.

NewBuy products, currently offered by six lenders, gives buyers the chance to invest in property by building a new home with an initial outlay of a 5% deposit and the government hopes it will kick-start economic growth and mean the creation of more job opportunities.

Aldermore, Halifax, Nationwide, RBS, Santander and Woolwich are offering the NewBuy scheme and the HBF says 50 builders are also now on board.

The executive chairman of the HBF, Stewart Baseley, said there was a clear need for the scheme and he predicted that it would continue to make "a real difference" and help many people to own their own homes. "In turn this will then help kick-start new home construction, creating economic growth and thousands of jobs across the country," he said.

A Scottish mortgage scheme has just seen its first couple sign up for a home. It is predicted that the 95% government-backed deal will help around 6,000 households north of the border over the next three years. Nationwide and RBS are supporting the scheme, with 16 builders signed up and more set to join them.

Copyright Press Association 2012

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