The government-backed mortgage indemnity scheme has proved to be very popular with new home buyers, as it allows people to place down deposits of just 5% to secure themselves a new property. The new data provided by the Home Builders Federation (HBF) revealed that over 2,000 people have now reserved new homes through the NewBuy scheme, since it launched in March.
Since it launched in March, NewBuy has proved extremely popular amongst mortgage lender, house builders and new customers alike, with over 50 developers now on board. Over the coming year, the NewBuy scheme hopes to make a huge difference in helping tens of thousands of people reach a major milestone in securing their very own house. Stewart Baseley, executive chairman of HBF said that “reaching 2,000 NewBuy reservations clearly demonstrates the customer needs for such a scheme, helping to kick start the home construction industry once again”. The scheme hopes to help promote economic growth and help create thousands of jobs across the country, in what is expected to become a highly beneficial project.
Steve Morgan of Redrow Homes recently said that the new kind of mortgage indemnity guarantee (MIG) backed by the government is exactly what is required to help the industry get back on its feet again. Many industry experts believe that a similar MIG scheme the second hand market would be perfect to follow this, especially for first time buyers, as the purchase of a second hand home frees up the chain for someone to buy a new build home.
The entire industry waits to see the overall outcome of the scheme, as hopes rest on a success, which will in turn help improve the property market across the country.
There are many new house developments throughout the North Wales region including new homes in Colwyn Bay and other parts of north wales.