NewBuy: A step up the ladder and a kick-start for construction
NewBuy, launched today, will provide a helping hand to home-buyers currently shut out of the housing market and boost housing construction across the country, creating thousands of jobs and driving up economic growth.
The scheme will mean that as many as 100,000 buyers currently unable to purchase a home will be able to use a 95% mortgage to get a foot on, or take their next step up, the property ladder.
This in turn will provide a much needed boost to housing construction and will see 50,000 jobs created and safe-guarded on sites all around England with more established in the supply chain.
NewBuy has been designed by the Home Builders Federation and the Council of Mortgage Lenders; support from the government in the form of the guarantee has made it a reality.
The house building industry has wholeheartedly welcomed the scheme.
Stewart Baseley, Executive Chairman of the HBF said:
“NewBuy will help thousands of people to meet their aspirations to buy a new home, freeing up the housing market and helping first time buyers and those unable to take the next step on the ladder.
“The scheme will also provide a vital kick-start for house builders large and small who will be able to build the homes and create the jobs that the country desperately needs.
“The launch of NewBuy is a credit to developers, lenders, JLT and government who have all shown real determination and imagination to address the key issue that has kept the housing market and house building subdued for the last few years.”
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Notes to Editors:
- The Home Builders Federation (HBF) is the principal representative body for private sector home builders and voice of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk
- The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion. www.cml.org.uk
- Jardine Lloyd Thompson Group plc (JLT) is an international group of risk specialists and employee benefits consultants and one of the largest companies of its type in the world. JLT offers a distinctive choice to clients and partners through our combination of independence, scale and specialism. JLT is quoted on the London Stock Exchange and employs over 6500 people worldwide and through the JLT International Network provides services in more than 130 countries. www.jltgroup.com