Government plans to invest a further £10 billion in the Help to Buy Equity Loan have been welcomed by Liverpool housing developers.
The expansion of the initiative, which enables buyers to purchase a new build home with a 5% deposit, was confirmed yesterday (2 October).
According to the government the boost could support around 135,000 more buyers across the country to purchase properties by 2021.
The initiative, which was first launched in April 2013, has already been used to assist buyers across the Liverpool City Region to purchase homes at a range of developments across the area as a number of properties up to the value of £600,000 are eligible.
Following the announcement of further funding Marie Morris, sales director for Elan Homes in the North which is currently building homes in South Liverpool, says: “Help to Buy equity loans have been invaluable to thousands of home buyers, with many of Elan’s customers saying they couldn’t afford to buy without the scheme.
“We welcome the allocation of additional funding for the scheme and look forward to hearing the full details in the Budget.”
Mary Lawrence from Liverpool’s Parklands scheme in Norris Green is also in favour of expanding the initiative, adding: “The Help to Buy scheme has benefitted many people over the last few years, not only first-time buyers but second-time buyers as well.
“In just the last year alone 90% of our purchasers have used Help to Buy and many of them would never have been able to buy without the scheme.”