Buyers are increasingly seeking the support of housebuilders and the Government to realise their dreams of owning their own home, says SmartNewHomes, as it reveals that the launch of the Government guaranteed NewBuy scheme saw buyer registrations on the website increase 101% compared to the previous week.
With many first time buyers lacking the ready cash for a deposit and facing difficulty accessing higher loan to value mortgages, SmartNewHomes is calling on the Government to continue its support of schemes such as NewBuy, which is helping tens of thousands of buyers to bridge the deposit gap and navigate their way on to the ladder or upgrade to a larger family home. The call comes during NewBuy Week which runs from 10th-16th September to raise awareness of the scheme which launched six months ago.
NewBuy is available at selected new home developments in England and involves the housebuilder and Government underwriting mortgages of up to 95%. This means buyers require a deposit of just 5%. NewBuy is available to all buyers on new build properties up to the value of £500,000.
Steven Lees, Director at SmartNewHomes, comments:
“NewBuy has helped unlock pent up demand from buyers with many rushing to take advantage of the scheme which offers the cash poor but perfectly credit-worthy a much needed helping hand up the property ladder. With the mortgage drought set to continue, innovative schemes such as this will continue to play an important part in helping to get the housing market moving. We hope that the new Housing Minister, Mark Prisk, will grant the scheme his seal of approval by opting to extend the NewBuy budget further, following the success of its first few months.”