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Developers respond to Help to Buy demand

Over 900 developers across the country will be at the forefront of getting Britain building in direct response to demand for Help to Buy, according to the government.
Housing Minister Kris Hopkins praised the response to renewed confidence in the housing market, and urged more builders to get on board to offer the scheme on their new homes.
Visiting the new Brockholes housing development in Yorkshire, Mr Hopkins (pictured) said Help to Buy was not just helping more families into homes but also boosting building and stimulating wider growth; creating jobs and helping local business.
Of the 900-plus builders planning to offer the Help to Buy equity loan scheme over 600 (over 80 per cent) are smaller builders, building less than 40 homes.
This includes the Brockholes development which the government unlocked with a £1.1 million commercial loan through the Get Britain Building programme, and has built 18 new homes in the Kirklees area.
But this scheme is not just helping aspiring homeowners, with many of the suppliers based within a 15-mile radius of the site this is also creating local jobs and a boosting local business.
On site the minister met the contractors and workers that had been able to get back on with their job of building homes as a result of the site being kick-started back into action by government funding.
In addition to the Help to Buy, housebuilding in Kirklees has been stimulated as a result of £6.9 million government investment which is set to deliver 362 new affordable homes.
Housing Minister Kris Hopkins said: “It’s great to be in the North to see how the government’s work to boost house building is making a nationwide impact and giving confidence to this beautiful part of the country.
“The Help to Buy equity loan scheme is, not just helping thousands of buyers onto the property ladder but is making an important contribution to people’s lives creating jobs, boosting local business and stimulating the economy.
“It is essential that places like Yorkshire are not just hanging on others’ coat tails but at the forefront, helping to lead the charge from a local level.
“The Brockholes development is doing just that. I want to see this echoed across the country and with more small builders signing up I am confident that this can happen.”
A further boost to house building is being delivered thorough the £12 billion Help to Buy mortgage guarantee. The scheme is creating greater market confidence and offering another avenue of opportunity for aspiring homeowners frozen out of the market.
Under the scheme, buyers will only need a deposit of as little as 5 per cent and depending on the size of deposit, the government will then guarantee up to 15 per cent of the property’s value.
But Thames Valley Housing Association said Help to Buy is also having a mixed effect on the shared ownership market.
Kush Rawal, Assistant Director (Sales & Marketing), Thames Valley Housing Association said: “Unexpectedly the announcement of the second phase of Help to Buy has resulted in three times more enquiries for shared ownership properties. Clearly this scheme has spurred on potential buyers and encouraged them that there are opportunities to get onto the property ladder.
“Help to Buy has increased the desire to own a home, however, it can only help a certain proportion of buyers and is still unaffordable for many. Shared Ownership on the other hand, has the capacity to meet the affordability needs of a significantly larger proportion of the population. This is reflected in the spike in demand we have experienced from buyers who have gone down the Help to Buy route but have soon realised that owning a home through the scheme is still out of reach.”

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