Often the biggest challenge of being a first time buyer is the deposit required. As each year passes houses prices continue to outstrip earnings. To which I can offer a personal example. Before being a house owner, my first property was a one bed flat. The purchase price was the same as that of a four-bed home on the estate 15 years prior!
The scheme has also boosted the economy. Since the Equity Loan part of ‘Help to Buy’ was first launched in April 2013, private house building has risen by 34 per cent. Construction companies are taking on new workers at the fastest rate since 1997.
The Government is now extending ‘Help to Buy’ the Equity Loan scheme will now be extended to 2020, which is estimated will help 120,000 more households buy a new build home.
There are now more new homes being built than at any time since 2007 – helping people to find a good quality home. Over 480,000 new homes have been delivered since April 2010 with 36,230 homes started in April to June 2014 and 137,780 started in the 12 months to June 2014.
Clearly delivering housing need is using all the options like; rental, council housing, social housing, shared equity, land trusts, local connection housing and now help to buy.