The number of reservations for government backed equity scheme help to buy reached 10,000 yesterday in the four months since its launch in April.
Eric Pickles stated housing supply and confidence is now increasing, and ‘has turned a corner’ as ministers highlighted, alongside the Help to Buy statistic, almost a third of a million new homes have been built in the last two years and 150,000 affordable homes have been built in the last three years. Over the current spending review period, £19.5 billion of public and private investment is being spent on affordable housing.
The figures reveal new housing supply is at its highest level since 2008, with a total of 319,000 additional homes across England constructed between October 2010 to October 2012.
The government also stated the number of repossessions is at the lowest level since 2007 – mortgage arrears are at their lowest since 2008 and funding for lending scheme has also increased the availability of competitively priced mortgages
Mr Pickles said: ‘This government’s package of measures to boost the housing market is working, with house building and housing supply on the up. The tough decisions we’ve taken to tackle the deficit are now delivering a sustainable increase in housing and providing real help to hard-working people.
‘With over 10,000 reservations in 4 months, it’s clear that the Help to Buy: Equity Loan scheme is working well. By dealing with the big challenges, we are helping thousands of young people and families get on and move up the housing ladder, and Britain is building again.’