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Help to Buy impact sees Taylor Wimpey sell out of new homes

Housebuilder Taylor Wimpey says it has sold out of new build homes this year due to the Help to Buy scheme.

In its interim statement, published today, the builder says the first part of the Help to Buy scheme has proven very popular.

Taylor Wimpey says it has reserved 2,403 homes under the scheme with a further 203 going through the qualification process.

Its total order book for the year represents 7,557 homes worth £1.5bn with 6,662 homes worth £1.1bn already built.

The shared equity Help to Buy scheme launched last April and allows people to access 95 per cent LTV deals for new build properties with a 20 per cent loan from the Government.

The second phase launched last month and is available on all properties worth up to £600,000 through a 5 per cent deposit and a Government guarantee of up to 15 per cent.

Taylor Wimpey says it expects the second phases to have less of a direct impact on housebuilding.

Taylor Wimpey chief executive Pete Redfern says: “The UK housing market has remained healthy in the second half of the year, with better mortgage availability and consistent demand for our homes leading to an increase in sales rates against the same period last year.

“Help to Buy continues to prove popular and we are seeing our customers from Edinburgh to Exeter using the scheme to get on to or move up the housing ladder.

“In this improved environment, we remain focused on the longer term; increasing our investment in the training of the next generation of homebuilders and delivering on our commitments to local communities.”

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