Government action to help kick-start the housing market is working, Eric Pickles, said today. New figures show that the Help to Buy: Equity Loan scheme is surging head with 10,000 reservations for new build homes in the last 4 months.
Ministers also pointed to the delivery of almost a third of a million additional homes in the last two years, and 150,000 more affordable homes have been built under this Government. Mr Pickles asserted that housing supply and confidence is now increasing, and has turned a corner since the unsustainable housing bubble burst under the last Administration.
Latest figures show that:
- since the launch of the Help to Buy: Equity Loan scheme in April, new figures today show there have been 10,000 reservations for new build homes - the equity loan scheme is giving the confidence to house builders to deliver and build more new homes
- new housing supply is at its highest level since 2008, the tail end of the housing bubble, a total of 319,000 additional homes across England have been added to housing supply in the two years from October 2010 to October 2012
- the number of first time buyers is at its highest level since 2007 and rising
- over 150,000 affordable homes have been delivered in England in the last three years, thanks to the wider affordable housing programmes, £19.5 billion of public and private investment is being spent on affordable housing over the current Spending Review period
- the number of repossessions is at it lowest level since 2007 - mortgage arrears are at their lowest since 2008
- interest rates remain at a record low thanks to the Government’s action to reduce the deficit left by the last Administration, helping new and existing homebuyers with the cost of a mortgage
- the government’s Funding for Lending Scheme has also increased the availability of competitively priced mortgages
Eric Pickles, Secretary of State for Communities and Local Government, said:
“This government’s package of measures to boost the housing market is working, with house building and housing supply on the up. The tough decisions we’ve taken to tackle the deficit are now delivering a sustainable increase in housing and providing real help to hard-working people.
“With over 10,000 reservations in 4 months, it’s clear that the Help to Buy: Equity Loan is working well. By dealing with the big challenges, we are helping thousands of young people and families get on and move up the housing ladder, and Britain is building again.”