Taylor Wimpey pleased to see Scottish Help to Buy reboot

Wed, 04 Mar 2015

Taylor Wimpey pleased to see Scottish Help to Buy reboot
House builder Taylor Wimpey has reported that the spring selling season has got off to a great start in Scotland, and has suggested that fresh funds for the Help to Buy scheme will greatly aid the housing market north of the border and get it rolling.

Pre-tax profits for the builder were up by a reported 67 per cent in 2014. They are one of the firms which have been on board with the Help to Buy schemes and have made great use of them.

Industry analysis has also indicated that the construction sector has been boosted in general over the last four months, all good signs for potential buyers in the market. It means more homes will be available, hopefully bringing supply of homes up, and closer to meeting the demand for them.

Last summer, the funds for Help to Buy in Scotland dried up, but the success of it convinced the government to redouble the funding and return the scheme to the market.

Advocates of the scheme, this is good news for Taylor Wimpey. The firm apparently completed 12,454 homes throughout the UK last year, an increase of 6.5 per cent on the year before, but is anticipating a big bounce in Scotland as the funding for the scheme returns there.

The finance director Ryan Mangold said: "The Scottish housing market continues to do OK. We have 30 active sites in Scotland. The Scottish participation in the Help to Buy scheme is quite high compared to other parts of Britain.

"Funds dried up a bit but we feel sales should improve in April and May when next year’s funding kicks in."

From the perspective of Taylor Wimpey, the scheme is doing great work to boost the development of homes across the country, especially in Scotland where building has encountered some difficulties in the last two years.

It seems the arguments against the government's flagship scheme have fallen behind and lost their voices, although it is still worrying that the economy could come to depend on the scheme and not be able to survive without it once the cut off date, currently scheduled for 2020, arrives.
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