Government Help
NewBuy helping one in ten homebuyers – Miller Group
NewBuy and the Scottish MI New Home scheme represented nearly one in ten of Miller Group
Its limited results for 2012 also revealed a fall in shared-equity assisted sales, where house builders offered their own loans to buyers. This was due to the increased availability of 95% loan-to-value mortgages, it suggested.
The report stated: “NewBuy and MI New Home accounted for 9% of our reservations in the second half of 2012.
“The return of 95% mortgages in the new build sector is an important step for the industry and allows a large number of people to enter the property market who would otherwise be excluded.”
Private reservations for homes per week were 10% ahead of 2011, although sale prices remained static.
The group saw a return to profit, with profit before tax of £6.6m.
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Its statements on NewBuy come as reports suggest the government plans to rethink its equity guarantee scheme to help more people buying their second homes in an attempt to free up the logjam in the housing and mortgage markets.