ASK THE EXPERT Matthew Fleming-Duffy Cherry Mortgage and Finance LTD Mortgage and Finance Broker
The Future Looks Bright for New Build With another Conservative government at the helm, it is business as usual for many involved in the new build sector. But it is this
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area in particular that has been given the biggest shot in the arm from several schemes, designed to re-invigorate a housebuilding market that is still lagging behind required volumes. Building up to the election, things were looking good for the new build market. The proportion of first-time buyers has risen from 35% to 50% since 2006, as a result of high rental costs, increased product choice and schemes such as Help to Buy. Meanwhile lending continues to grow, with the Council of Mortgage Lenders’ estimate for 2015 being £222 billion, the highest since before the financial crash. According to one leading lender, there were 118,760 new build
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purchases in 2014, up 8% from the previous year. There were also 137,000 new build starts in 2014, up an impressive 10%. First-time buyers are definitely key to the success of the new build sector, which means things are looking good on the back of several governmental schemes designed to encourage and
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incentivise. Many schemes have been successful, especially Help to Buy, which saw 60% of all new build sales with a mortgage and over 80,000 purchase completions as a result of the schemes. The Equity Share Scheme, or Help to Buy 2, has also proved successful and the number of new homes built last year would have been even smaller had this not been available. Starter homes are on their way. The conservatives have promised 200,000 by 2020, bringing advantages such as removing buy to let opportunities, earmarked brownfield land and reduced development costs. It also looks like we will continue to see a record low Bank of England base rate for most of 2015, which will surely only be a positive thing as lenders continue to offer low deals and increase demand to spur on housebuilding.
Have a question or need advice? Call me on 01202 651300 or email at matt@cherryfinance.co.uk or visit our website www.cherryfinance.co.uk. Your home may be repossessed if you do not keep up repayments on your
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mortgage. There will be a fee for the advice given, the exact amount will depend upon your circumstances but we estimate it will be £250. 72
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