Sue Warwick, National Head of Sales and Marketing for Miller Homes, said; “A few years ago, over half of all new mortgages were given to people with a 10% deposit or less. Today that figure accounts for less than 2% – which is nothing short of appalling. This deposit barrier has been preventing thousands of sensible, hard working people from having a place to call their own – a home in which to lay down roots, start a family, and provide them with a long term financial investment which previous generations have enjoyed and they deserve.
“The Chancellor’s proposals are fantastic news for first time buyers – and for the rest of us too. This financial investment will not only give the property market the entry level buyers it desperately needs, it will also create jobs, reduce the burden on the state when it comes to income support and boost taxes raised by both income tax and stamp duty. With the level of debt standing as it is, this is crucial for the country’s coffers.
“It will also help to mitigate a housing crisis – the new homes sector needs to be building homes at rate far greater than the current level if we are to house our growing population in 2020 and beyond. The government’s investment is expected to help 10,000 families by assisting those with incomes of less than £60,000, which is a huge step in the right direction, particularly given the merits of HomeBuy Direct, which was a huge success under the previous government. The HBF have been calling for a direct replacement since the scheme was withdrawn last year and this new incentive looks set to reinvigorate the market for first time buyers.
“In short, we strongly believe that the £250m will be a sound financial investment for the country and applaud the Government for making this move at a time of austerity.”
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