NewBuy completions increase
The number of completions in the final three months of 2012 was more than double that of the first six months of the scheme.
The figures have also shown that since the NewBuy’s launch in March the government has not incurred any costs and its liability has increased to £15.4m.
Andy Frankish, Mortgage Advice Bureau, new homes director, said: “Today’s NewBuy figures are certainly encouraging – but the real positive is that this is still just an early sign of the scheme’s potential growth over the next 12 months.
“In the first two months of 2013, we have seen our new build activity almost double in volume, and NewBuy is becoming the product of choice for people seeking higher loan to value purchases.”
Frankish attributed the boost to an improvement in available rates and expects the scheme to continue to benefit with direct-only lenders planning to launch intermediary products.
He added that with NewBuy being available to buyers looking to part-exchange it is now more viable for second-time buyers as well as new homeowners.
“We expect to see the rate of completions increase every quarter this year – so today’s figures are only the start,” he said.