Taylor Wimpey, a home-builder with developments across Yorkshire, has welcomed new measures to help buyers.
Anne Bagshaw, regional sales and marketing director, said the Help To Buy measures were good news for local buyers who could not afford to buy because of the large deposits required by mortgage lenders.
She added: “We’ve seen some very positive signs that recovery in the housing market in Yorkshire is now underway and the measures announced by the Chancellor will go a long way towards boosting confidence and encouraging further improvement.
“We are delighted that we will now be able to offer the Government-backed Help to Buy scheme on our developments across Yorkshire which will help prospective buyers make the move into their dream new home.
“We’ve had fantastic success with previous Government schemes such as NewBuy and FirstBuy; in fact in 2012 we supported 1,750 people across the UK buy a new home using the initiatives.
“The new Help To Buy scheme is sure to prove just as popular and will make a huge difference to both first and second-time buyers who can afford the monthly repayments on a mortgage but not the hefty deposit.”
Help To Buy includes an equity loan scheme available on new-build properties up to £600,000. There is no salary cap for purchasers and it is available to first-time buyers and existing home-owners alike.
Purchasers will receive a Government loan of 20 per cent, which means that they only need to put down a five per cent deposit and obtain a 75 per cent loan-to-value mortgage.