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Cameron declares 'home ownership is in our blood' as government celebrates help to buy figures

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Cameron declares 'home ownership is in our blood' as government celebrates help to buy figures

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Published by Jon Land for 24dash.com in Central Government and also in Housing

Cameron declares 'home ownership is in our blood' as government celebrates help to buy figures Cameron declares 'home ownership is in our blood' as government celebrates help to buy figures

Prime Minister David Cameron has declared "home ownership is in our blood" after new government figures showed more than 27,000 people across the country have now bought a new home through the help to buy scheme.

In total 27,861 households have been helped by the scheme, 85% of which are first-time buyers, with the vast majority of sales outside of London and at prices well below the national average. The figures also show 74% of the homes bought through help to buy are new build.

Director general of the Council of Mortgage Lenders Paul Smee, said: "Broadly, we should be reassured by the latest data on help to buy.

"The policy appears to be reaching the geographical parts of the market where recovery has been weakest, while accounting for only a small proportion of business in those areas where the market is more active. On the basis of these figures, the scheme appears to be successfully reaching its target group of creditworthy borrowers who would otherwise be unable to buy until they had accumulated a more significant deposit. Lenders are always mindful of what their customers can afford.

"Throughout the UK, the proportion of business accounted for by Help to Buy has to date been modest overall. Any worry that the scheme risks stoking a housing boom fortunately does not seem to be playing out in practice so far."

Welcoming today's figures, Prime Minister David Cameron said: "As Britons, home ownership is in our blood - it’s about aspiration, planning for the future and laying down roots.

"But we inherited a situation where for many people, buying a home seemed all but impossible - people who worked hard, had good jobs and could afford the monthly mortgage payments, but didn’t have the large deposit needed up front. For those without rich parents, the dream of home ownership remained just that: a dream. That is why we brought in help to buy.

"Today, help to buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country.

"It is an important part of our long term plan to back those who want to get on and to secure a better future for Britain."

Home Builders Federation executive chairman Stewart Baseley added: "After a number of years when house building levels fell to a record low level, all indicators show supply is now increasing rapidly.

"The help to buy equity loan scheme is supporting demand for new build homes - and if buyers can buy, builders can build. Its extension provides certainty about longer–term demand that will allow the industry to plan ahead, rebuild capacity lost in the downturn and ultimately deliver sustainable increases in supply.

"This is providing desperately needed homes and also creating tens of thousands of jobs on sites across the country and in the supply chain."

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