At October’s Conservative Party Conference, Prime Minister, Theresa May pledged to invest a further £10 billion in the Help to Buy Equity Loan scheme to provide over a 130,000 families with the financial support they need to be buy their own home.
The PM also committed an addition £2 billion towards affordable housing, taking the Government’s total investment in this policy to £9 billion.
The housing sector can now breathe a steady sigh of relief; according to the House Building Federation’s ‘stepping up’ report, Help to Buy has driven up demand for new homes, resulting in a 50% increase in housing supply since its launch in 2013.
The study, commissioned to establish the influence Help to Buy has had on the housing market, also shows a record number of planning permissions granted in any one year since 2006: 321,982 new homes receiving approval during 12-months to June 2017.
It also found that 228,000 people purchased a new home under the Help to Buy scheme, 185,000 as first time buyers.
Confidence and stability has now returned to the sector, fuelled by a financial policy brought about to increase the supply of low deposit mortgages and the volume of new housing.
The report declares that the investment in the housing sector has been a sound decision; the scheme not only provides the homes the country so desperately needs, it also supports and sustains over 170,000 construction jobs, provides councils with additional revenue through council tax contributions and generates millions of pounds towards spending on education.
As we all know, the housing sector can be very volatile, and the Prime Minister’s announcement will undoubtedly ensure the resurgence continues.
This infographic summarises the findings:
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