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A leading regional builder has praised the success of the Government’s Help to Buy as it celebrates its first anniversary claiming the scheme has seen thousands of people buy the   new build home their dreams.

Persimmon Homes Lancashire said the scheme had especially helped first-time buyers, many of whom 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 first five years.

Last October, Help to Buy 2 was launched, 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 marked its anniversary, Persimmon Homes nationally has seen 4,748 reservations, 3,544 contracts exchanged and 2,746 completions under the scheme.

As for Lancashire, the region has seen 98 completions under the scheme.

Mark Cook, managing director of Persimmon Homes Lancashire, said: “People forget that when the recession really bit it was the building trade that suffered significantly.

The scheme has boosted confidence for all builders and as more new homes go up it is helping to bridge the gap between supply and demand.

“People can so 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.

It has also proved 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 really 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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