HBF today guardedly welcomes the ‘Help to Buy’ measures announced in the Chancellor’s Budget .
NewBuy Mortgage Guarantee Extension. The announcement of a scheme for the wider market is a welcome step that should result in increased home sales across the whole housing market. The scheme will need the support of a wide range of mortgage lenders, for new and second hand, if it is to have the desired impact on the overall market and help boost new homes building
Proposals for an extension of FirstBuy, the shared-equity scheme for new home buyers, are very welcome. This will open it up to a much wider audience and so should help drive up house building numbers. Removing the house builder’s equity contribution also frees up developers’ balance sheets such that they can invest in new land and home building activity.
Affordable housing. We welcome a commitment to funding for more affordable homes. It gives the suppliers of affordable homes some certainty.
Private rent. More money for Private rent is clearly welcome. The over subscription on the previously allocated £200M showed the appetite for investment in private rental delivery.
Speaking today, Stewart Baseley, Executive Chairman of HBF said; “A lack of affordable mortgage availability remains the biggest constraint on housing supply, something Government now clearly understands and is looking to address. Extending NewBuy to the second hand market should create churn in the market place and drive up sales across the Board – including for new homes. We do though need to ensure a level playing field across the whole market. Extending FirstBuy is very welcome and will provide a real option for people currently unable to buy – so providing a vital market for the new homes industry. Building the homes the country desperately needs can be a key driver of economic activity. Government must be praised for its attempts to stimulate activity, but must also be wary to get the details right.”
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Notes to editors
The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. The HBF’s 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