Guy Gusterson, managing director of St. Modwen Homes said: “The launch of the Government’s new equity loan scheme, ‘Help to Buy’, in today’s Budget, builds on the success of the existing ‘FirstBuy’ scheme, which has been hugely beneficial in helping many first time buyers get onto the property ladder, and opens up the opportunity to a wider range of purchasers.
“The great benefit of this new scheme is that it allows people on all rungs of the property ladder to take advantage of the lower deposits, meaning that families and those who previously thought they were trapped in their current property can now take the next steps in purchasing their dream home. Additionally, removing the salary cap of £60,000 will also help open the scheme up to many more prospective purchasers.
“At our sites across the UK, we have already seen the advantages that equity loan schemes can have in helping people to buy new homes and we had a very successful year achieving housing sales rates well above the national average. This move by the Government to introduce a new house buying initiative should be widely welcomed. All St. Modwen Homes’ properties are priced under the £600,000 threshold, so we will certainly be delighted to introduce the scheme at all our developments very soon.”