Ward Homes

Ward Homes

April 05, 2012 06:04 ET

NewBuy has the Potential to Unlock the Housing Market

LONDON, UNITED KINGDOM--(Marketwire - April 5, 2012) - According to leading new home builders, the Government's NewBuy scheme could have the potential to unlock the housing market for both first-time buyers and those stuck on the first rung of the property ladder.

The scheme, which was launched on 12th March and which heralds the return of the 95 per cent mortgage for buyers of new homes, including property in Kent through Ward Homes, was acclaimed by Mark Clare, Chief Executive of Barratt Developments when he said "This is potentially a real boost for home buyers who have been locked out of the housing market by the high level of deposits required to buy a home."

"The key thing is that people will no longer need deposits of up to 20 per cent which gives creditworthy buyers the best opportunity for five years to get on the housing ladder."

It's not just set to benefit those struggling to get on the ladder. Families who own their first home, but who are struggling to raise more than 5 - 10% of the purchase price also stand to be given a helping hand to purchase their next property.

NewBuy is seen as a great way to get the economy moving whilst also tackling head on the housing shortage throughout England. In addition to this building homes also boost local job prospects.

The scheme which is available on new build flats and new homes for sale in Kent, as well as throughout England, will facilitate mortgages of between 90 and 95% up to a maximum purchase price of £500,000 (subject to lenders' criteria) was heralded by the Prime Minister David Cameron speaking at the official launch.

He said: "Strong families and stable communities are built from good homes. That's why I want us to build more homes and I want more people to have the chance to own their own home. We're working with leading house builders and lenders to get the scheme underway."

For further information on the NewBuy scheme visit Ward Homes at http://www.wardhomes.co.uk/.

NOTES TO EDITORS:

1) Ward Homes is part of Barratt Group, which sold 11,171 homes in the last financial year, making it the biggest housebuilder by volume in Britain.

2) Barratt Group was named Housebuilder of the Year at the Housebuilder Awards 2011.

3) Barratt Group was awarded a maximum five star rating for the second consecutive year in the 2011 Home Builders Federation Customer Satisfaction Survey.

4) In 2011 site managers working for Barratt Group won the highest number of NHBC Pride in the Job Quality Awards for a record seventh consecutive year.

5) Barratt Group is the only housebuilder to guarantee the fixtures and fittings in place at the time of purchase of its new homes for five years.

6) For more information on the developments available from Ward Homes, visit http://www.wardhomes.co.uk/.

Contact Information

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