Is FirstBuy the answer to the housing industry’s problems?
The government want more people to build their own homes, there’s no doubting that. Grant Shapps seems to have made it his mission to get self-builds to prosper in the housing market. And now a pilot scheme could help Shapps with his plans for self-build domination…
The Government’s FirstBuy scheme has launched, which allocates funding for housing projects all over the UK for first-time buyers to get onto the property ladder.
10,500 new homes will be built in the first phase of the FirstBuy scheme, with the first of them expected to be completed as soon as September.
The Homes and Communities Agency will play a vital part of FirstBuy, and have already given £180 million for housing projects, which will provide equity loans for first-time buyers, to get a deposit so they can buy a house.
The common problem at the moment is, because of the recession, young people, who are mostly riddled with debt or unable to afford the cash for a deposit, have to rent because they cannot afford to buy home. The government hopes that by removing the deposit obstacle it will encourage more people to buy instead of rent.
Pat Ritchie, chief executive of the HCA, said in a statement: “Thanks to FirstBuy nearly 10,500 first time buyers will be able to realise the dream of owning their home….And when the homes are resold by the initial purchaser in the future, and the loan is repaid, the return can be available for reinvestment in more new affordable homes.”
Over a hundred builders and contractors will be taking part in the scheme, which will take place all over the country. Big companies are getting involved, with the likes of Persimmon, Taylor Wimpey, Bellway and Kier building all over the UK.
Posted on June 22, 2011, in construction jobs, construction news, electrician jobs, plumbing jobs, Plumbing News, train4tradeskills and tagged construction, First-time buyer, firstbuy scheme, Grant Shapps, Homes and Communities Agency, Public housing, Self-build, t4ts, Taylor Wimpey, Train4trades, train4tradeskills. Bookmark the permalink. Leave a comment.