Newbuy reservations hit 2,000


Reservations made through the government's Newbuy scheme have hit 2,000, the Home Builders Federation has announced.

The landmark figure shows the positive impact Newbuy has had upon the UK property market since its launch in March, with last week also marking the 50th builder registering to sell homes with the scheme.

There is now a wide cross section of small and large builders across the country signed up, says the HBF.

NewBuy, the industry funded Government backed mortgage indemnity scheme, allows buyers to secure new build homes with a 5% deposit. Since its launch in March, the number of builders and lenders registering for NewBuy has steadily increased, with the sixth lender, Aldemore launching its NewBuy product in September 2012.

Stewart Baseley, Executive Chairman of HBF, who were part of the team that developed the NewBuy scheme said: "Reaching 2000 NewBuy reservations clearly demonstrates the customer need for such a scheme. 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."