Tuesday 18 March 2014
Help to Buy scheme extended until 2020
Story Homes will now be able to offer the ‘Help to Buy’ Equity Loan incentive to until 2020.
Following the recent Government announcement about the extension of the Help to Buy scheme in England, Story Homes can now continue to offer the scheme beyond the original March 2016 date.
Chancellor George Osborne has pledged to invest a further £6bn into the scheme which he predicted would create 120,000 new homes across the country, helping to alleviate the predicted housing shortfall.
A number of buyers of Story Homes have already been able to secure their dream home using the Help to Buy scheme, which offers a 20% equity loan from the Government. The customer must add to this their own 5% deposit and a 75% mortgage.
Louise McGuckin, Head of Sales at Story Homes said: “Since launching Help to Buy in 2013, we have seen a great deal of interest in the scheme from our buyers. It has allowed many first time buyers to get onto the ladder but it has also opened up opportunities for second and third time buyers to climb up the ladder and buy a larger home. We are pleased that the scheme has been extended as it offers further opportunities for our customers to secure their dream Story Home.”
Other national house builders have also cited Help to Buy as having a positive effect on consumer confidence. Stewart Baseley, Executive chairman of the Home Builders Federation said of the announcement:
“’We warmly welcome the Chancellor’s commitment to extend the Help to Buy Equity Loan scheme. Help to Buy has reinvigorated the home building industry, contributed to a sharp increase in new housing starts and allowed thousands of first-time Buyers onto the housing ladder.
“We hope that other parties will be able to ensure that a political consensus is in place before the election to allow builders to get on with planning their businesses and employing the necessary apprentices to help tackle the country’s worsening housing crisis.”
Homes for Scotland are now lobbying the Scottish Government, seeking equivalent levels of support for buyers in Scotland.
To find out more about Help to Buy and Scottish Help to Buy click here.