Housing market in for a boost
The Chancellor of the Exchequer, the Rt. Hon. George Osborne MP, has this week joined housebuilder Crest Nicholson at its Denby Bank development in Ripley, Derbyshire. The visit formed part of a wider tour of the Midlands being undertaken by the Chancellor following his 2013 Budget announcement last month, and saw the Chancellor, together with local leader Nigel Mills MP, enjoying a tour of the site to see how the latest measures to stimulate the housing market are playing out in practice.
In his 2013 Budget the Chancellor expressed a commitment to boosting housing supply, and unveiled a series of measures under the Help to Buy initiative. This included the introduction of a three-year, £130 billion mortgage guarantee scheme on all properties up to the value of £600,000, as well as the £3.5 billion expansion of the existing FirstBuy scheme, which is now being extended beyond first-time buyers to help all purchasers looking to move either onto or up the ladder.
Crest Nicholson’s Denby Bank has already proved extremely popular amongst local purchasers and there has been significant interest in FirstBuy and similar shared equity initiatives.
As the Chancellor said: “We've got a brand new scheme called Help to Buy that is aimed right at developments like Denby Bank. It's for young families that want to get on the housing ladder or move up it. Help to Buy is already operational, with one family on this site already being helped through the scheme and another being helped later this week.
“This is also about supporting work though. The great thing about this site is that you have lots of people working hard and that's creating revenue for our economy and creating jobs in the area.”
Crest Nicholson Chief Executive, Stephen Stone, who accompanied the ministers on their tour of Denby Bank, added: “Over the last few years we have helped over 550 purchasers onto the property ladder through Government backed incentive schemes. These schemes are exactly what we need to inject some movement into the housing market and help fuel economic recovery. Help to Buy has been billed as a real game changer for the housing market, and it’s absolutely essential that we continue to offer purchasers some much-needed financial support to help bridge the deposit gap and secure an affordable mortgage.”
Stephen concluded: “It’s encouraging to see the Government recognising the role UK construction and house building can have in driving growth. The construction industry employs nearly one tenth of the entire UK workforce and continued investment in the sector is essential. The latest housing measures, with their renewed focus on supporting the industry’s ability to deliver much-needed new homes, will encourage house builders such as Crest Nicholson to increase output, thereby creating the jobs and skills that are vital for the future of the economy.”
Denby Bank comprises a mix of one, two, three and four bedroom homes on the outskirts of Ripley, in the heart of the Amber Valley countryside. Prices currently start from £85,950 for a one bedroom home. For further information on these homes and to find out more about Help to Buy and other incentives available, visit crestnicholson.com/denbybank.
