25 March 2013

The recently announced budget should bring good news for the property market and first time buyers trying to get on the property ladder. The Chancellor, George Osborne announced the ‘Help to Buy’ initiative which should help more first time buyers enter the property market. The £3.5 billion loan will help first time buyers who are finding it difficult to obtain a mortgage. This in turn should benefit home owners further up that chain who are looking to either progress up the property ladder or downsize.

NHBC Chief Executive Mike Quinton said: "The Chancellor has today given a welcome shot in the arm for the UK's housebuilding industry. We warmly welcome the expansion of measures for people who want to buy their own homes. This will help boost the housing market and provide vital support for the construction industry.”

This is also good news for the house building sector as Mike Quinton goes on to say: "Builders up and down the country have been working hard to build high quality homes while operating in tough economic times. Housebuilding fell 9% in 2012 compared to the previous year. It is therefore great news that housing has been the centre piece of this Budget. This is a positive step for homebuilders and homeowners alike."

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