Chancellor visits new homes development
Earlier this week the Chancellor visited the Kings Rise housing development in Birmingham to celebrate the government’s landmark Help to Buy housing scheme.
The Help to Buy scheme was launched on 8 October 2013 and was extended a few months later. The scheme allows qualifying buyers with a 5% deposit to apply for a mortgage on a home (old or new) worth up to £600,000. The scheme is open to first-time buyers as well as existing home owners (including those that are remortgaging).
The Treasury has revealed that the Help to Buy scheme has helped more than 50,000 people buy their first home or secure a bigger home with more than 94% of the completions taking place outside of London.
At his visit, the Chancellor of the Exchequer, George Osborne, said:
‘It’s great to see that their demand has stimulated new housing developments just like this one across the country, as part of the government’s long term economic plan.’