Housing ladder boost
10:01 04 June 2014
Copyright: R Braine cyberphotographer.com
MP Hugo Swire has welcomed new figures showing that the Coalition Government’s Help to Buy scheme has helped East Devon residents to buy their own home.
Help to Buy is helping families to get on the housing ladder in East Devon, with 126 people able to access an affordable mortgage and buy their own home since January 2014.
Across the country over 27,000 people have been able to buy their own home with 85 per cent of those helped first-time buyers.
And 94 per cent of sales have been outside of London and the scheme is supporting responsible lending, with the average price of a house brought around £190,000, well below the national average.
Help to Buy is also giving builders the confidence to build - since the scheme was launched, private sector house building is up 34 per cent and more new homes are now being built than at any time since 2007.
Hugo Swire said: “(The)…recession led to a collapse in house building and meant hardworking people found it nearly impossible to buy their own home.
‘Thanks to the Conservatives, even more families have been able to achieve their dream of owning their own home and can now enjoy greater financial security allowing them to plan for their future.”