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400 properties reserved through NewBuy scheme

Some 400 people have reserved new homes through the NewBuy scheme since its launch nine weeks ago, according to figures released today by the Home Builders Federation.

NewBuy allows buyers to secure a new build home with a 5 per cent deposit, with up to 9 per cent of the loan underwritten by house builders and the Government. The Government underwrites up to 5.5 per cent of the loan on newbuild properties while builders give 3.5 per cent to the lender to hold for seven years, after which it is returned minus any losses.

NatWest, Nationwide Building Society and Barclays were the only lenders taking part when the scheme launched in March although Halifax and Santander joined this month.

But less than two months after the scheme’s launch, all three of the initial lenders raised their rates.

HBF executive chairman Stewart Baseley says: “These figures make us very confident that the scheme will deliver tens of thousands of sales over the coming years. 

“As today’s house building statistics show, we have an acute housing delivery problem. By enabling home buyers to purchase a new home, NewBuy will kick-start new home construction, creating economic growth and thousands of jobs across the country.”

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