Prime Minister announces Help to Buy success

Date: Monday 16 June 2014

TWEM David Cameron visit web

Taylor Wimpey East Midlands’ Sales and Marketing Director Mariana Knight has joined David Cameron in hailing the government’s Help to Buy equity loan scheme after meeting the Prime Minister at a new homes development in the region.

Mr Cameron chose our Briars Chase development in Ilkeston, Derbyshire, to announce the success of Help to Buy, which enables purchasers to secure a government loan for 20% of their new home’s full price – so they only need a 75% loan-to-value mortgage and a 5% deposit.

Latest figures from the Treasury show 80% of Help to Buy sales are to first-time buyers, 74% of homes bought through the scheme are new-build properties and 9% of all completions across the East Midlands have been as a result of the scheme.

Mariana says: “It was an honour to meet Mr Cameron and I could only agree with him when he told me that Help to Buy has opened up home ownership for thousands of people, and also boosted the housing supply.

“A total of 271 householders have completed the purchase of a home from Taylor Wimpey East Midlands – these are 271 householders who would almost certainly still be renting or living at home with parents, were it not for Help to Buy.

“Opening up the market to more first-time buyers has also had a positive effect for the construction industry, as we are able to build houses more quickly to meet the increase in demand. This in turn has given us more confidence to invest in future sites and infrastructure which creates more jobs and economic activity locally.”

Mr Cameron’s visit to Briars Chase took place on the morning of Thursday 29th May and saw him tour the site, meet construction workers and a Taylor Wimpey apprentice joiner.

Help to Buy is available to both first-time buyers and those with a property to sell. The scheme is available on new-build homes up to £600,000 and there’s no salary cap for Help to Buy customers.