NewBuy helps out over 2,000 buyers

Robyn Hall

June 4, 2013

A total of 2,291 homes were purchased in England through the scheme the governments liability increased to £23.1m.

Ben Thompson, managing director of the Legal & General Mortgage Club, said: “The UK is in dire need of a greater supply of affordable housing to meet ever increasing demand and NewBuy along with other Government stimulus measures has been a laudable step in the right direction in meeting this need.

“While many have pointed out that too much stimulus may cause artificial house price inflation in London and the south-east the truth is that many areas of the country are still very much in need of schemes like NewBuy to get things back on track and to help many first time buyers achieve their ambition of home ownership.”

The update also confirmed that the government has yet to incur any costs from the scheme.

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