Figures indicate Help to Buy has stimulated building sector

Thu, 04 Sep 2014

Figures indicate Help to Buy has stimulated building sector
Research has found that planning approvals for residential units have jumped up by 41% over the last two years.

Data released by the government shows how effective Help to Buy has been in stimulating the building sector.

More than 48,000 home buyers have made use of the Help to Buy, schemes including 30,000 that used the first Help to Buy Equity Loan which was the initial part of the scheme. The remaining 18,000 used the Mortgage Guarantee part of the scheme which came after.

Property industry analysts, Glenigan, reportedly gathered evidence that shows that this huge number of sales has directly influenced the building sector, and Redrow have shown that sales through the Help to Buy scheme have made up a significant number of their transactions.

Furthermore, Knight Frank did a survey which found that the extension of the first part of Help to Buy to 2020 was encouraging even larger builds due to the security building firms felt as a result of the extended scheme.

190,000 units received detailed planning in the year to July. This was a significant increase on the same data collected two years ago, when 130,000 units were planned, a jump in 41% that indicates that the scheme has had a positive effective on the building industry.

George Osborne's flagship scheme has caused all sort of controversy, with people accusing it of inflating the housing bubble, but these figures imply that it has done a lot of good to get Britain building.
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