The construction industry has been boosted, thanks to the Help to Buy scheme.
New figures from the Office for National Statistics (ONS) showed the sector rose by two per cent in December, with housebuilding contributing to this increase.
The government’s flagship housing policy has enabled many aspirant first-time buyers to purchase a property, which has resulted in this boom in building rates.
New housebuilding was up 4.9 per cent in December, which was higher than all other areas of construction. The ONS said the total construction figures in the fourth quarter was 19.8 per cent higher than last year – marking the strongest increase since Q4 of 2010.
Housebuilder Barratt Developments revealed in January it completed 6,195 new builds in the six months to the end of 2013, which was a 19 per cent increase on last year’s figure. It added that Help to Buy had been responsible for 29 per cent of the properties it had sold.
While the scheme has been praised for reviving the sector, it has also faced harsh criticism for making house prices surge in London and the south-east.