NewBuy Scheme to Help the Building Construction Sector

Prime Minister, David Cameron, has today launched a new housing scheme for England which will boost demand for newly built homes and increase employment in the building construction sector.

Under the new loan guarantee programme, NewBuy, the government is investing £1 billion into an affordable mortgage guarantee scheme which will help up to 100,000 people across England to buy their own home by paying a lower deposit rate.

Andy Gray, head of mortgages for Barclays, said: “We believe this will boost housing market confidence and support the flow of new housing, providing positive consequences for jobs and the economy as a whole.”

Speaking at a construction site in South London today, Mr Cameron said that the government will do everything it can to help those who want to buy their own home. The Prime Minister believes the new scheme will boost the construction industry and unlock the housing market.

Mr Cameron said: “The problem today is that we have lenders who are not lending, so builders cannot build, so the buyers cannot buy and it needs the government to step in and help unblock the market.”

The NewBuy housing scheme will boost the supply of properties, increase employment opportunities for people in the construction industry and provide affordable mortgages to those with lower incomes. The scheme is also expected to boost the national economy by the construction of additional homes.

What is your reaction to the NewBuy scheme announced by Prime Minister Cameron today? Do you think it will help home buyers with lower incomes to secure their first home? Share with us what the benefits will be for the construction sector by leaving a comment below: 

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Posted on March 12, 2012, in construction jobs, construction news, David Cameron, Government, Housing Scheme, Infrastructure, t4ts, train4tradeskills and tagged , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. 1 Comment.

  1. What a great news this is, i am sure this housing scheme will give a positive feedback to buy people their own home by paying a lower deposit rate. This is a good effort by the government.

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