The better figures, which show more than 100 people per week now reserving a home under the 5% deposit scheme, coincided with the launch today of NewBuy Part Exchange by housing minister Mark Prisk.
This will allow NewBuy builders to offer to buy a customer’s existing home, in advance of selling them a new home using NewBuy.
Prisk hopes the part exchange scheme working alongside a 5% deposit will address one of the major blockages in the housing market that has seen ‘second steppers’ unable to move up the housing ladder.
He said:“Today’s figures clearly demonstrate the success of the NewBuy scheme in offering a valuable option to aspiring homeowners onto the property ladder with just a fraction of the deposit they would normally require.
“And now, the new Part-Exchange deal will offer further help to people looking to make their next move, getting the housing market moving, and ensuring those looking to move to a home that better suits their needs, can do so”.
The latest rise takes the total new homes reserved with NewBuy to 3000.
At launch, the scheme had seven builders and three lenders on board.
There are now over 60 builders offering the scheme and six lenders. Since the scheme began interest rates on NewBuy mortgages have dropped significantly - increasing the availability and appeal of the scheme to home buyers.
Stewart Baseley, Executive Chairman of HBF, one of the organisations which developed the NewBuy scheme, said:“Allowing people to part exchange their existing homes and buy a new one using NewBuy will also be a huge boost for those families stuck in their existing homes, unable to sell and without the required deposit to move”.
“Over the coming years NewBuy will make a real difference and help tens of thousands of people realise their ambitions of home ownership.
“In turn this will then help kick-start new home construction, creating economic growth and thousands of jobs across the country.”
