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Persimmon Homes celebrate the success of Help to Buy (Scotland)

11th April 2014 Print
Persimmon Homes Scotland chairman

A leading Scottish builder has praised the success of the Government’s Help to Buy (Scotland) as it celebrates its six month milestone claiming the scheme has seen hundreds of people buy the new build home of their dreams.

Persimmon Homes in Scotland said the scheme had especially helped first-time buyers, many of whom had feared they would never raise a huge deposit to get them on the property ladder.

Under the first Help to Buy, people buying a new build only need a five per cent deposit along with a 75 per cent mortgage while the Government supplies a 20 per cent equity loan, which is interest and repayment free for the full term of the mortgage.

Last October, Help to Buy 2 was launched in England, offering a mortgage guarantee scheme aimed at the second-hand property market.

However, it is the original scheme which Persimmon Homes says has had an incredibly positive impact; not just on the housing market but on the building industry as a whole.

As Help to Buy in England marked its first anniversary, Persimmon Homes nationally has seen 4,748 reservations, 3,544 contracts exchanged and 2,746 completions under the scheme.

As for Scotland, the last six month has seen 415 reservations with 272 contracts exchanges and, so far 114 completions.

John Cassie, the chairman of Persimmon Homes Scotland, said: “It’s easy to forget that when the recession hit hard it was the building trade that suffered the most. The Help to Buy scheme has definitely boosted confidence for both builders and consumers, and with the rise in new homes it is also helping to bridge the gap between supply and demand.

“People can easily become trapped in the rental market, paying out large monthly amounts that leave little scope to raise the deposit they need to buy their own home. Help to Buy has opened the doors for buyers desperate to buy their own home and live somewhere that is truly theirs. The scheme is proving to be invaluable for growing families who need that extra bedroom and space.

“It is easy just to look at the figures to show the success of the scheme, but there is a real human element where people’s property dreams are becoming a reality.

“Our sales advisors are always on hand to help people through the whole process and say there is great delight when a buyer realises how far their money can go and the great home they can actually buy, often for a similar monthly outgoing as their rent.”

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Persimmon Homes Scotland chairman