How Help to Buy could help the economy

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How Help to Buy could help the economy

RBS Group economists estimate that stimulation provided by the Help to Buy scheme to the building industry will generate £2.60 in gross output for every £1 spent on construction.

Supporting corporates

14 October 2013

Housebuilders have a crucial role in ensuring there is enough property for aspiring buyers. They look forward to creating new jobs as a result of the launch of the second part of Help to Buy.

Bovis Homes

Chief Executive, David Ritchie

"With increased levels of mortgage availability potential homebuyers now think they can be successful in meeting their ambition to buy a home. They can now more readily access the market and we've seen an increased level of confidence from consumers coming to our sites on a day-to-day basis"

Persimmon

Chief Executive, Jeff Fairburn

"Since the introduction of the Help to Buy measures in April we’ve seen a notable increase in customer interest and visitors to our sites, resulting in a stronger level of sales reservations across England. In response we have increased our build activity to meet this increase in demand. If this early interest is maintained, the Help to Buy Scheme will play an important role in enabling the industry to increase the volume of new homes built over the coming months and years. And in addition to helping the housing shortage this will have wider benefits for jobs and the economy – for example Persimmon has already decided to make significant further investment in trade apprentices this year to support the anticipated increase in output"

Taylor Wimpey

Chief Executive, Pete Redfern

"It enables us to build more homes on the sites we have already got open, and also gives us more confidence about investing in future sites and infrastructure which creates more jobs and economic activity locally"

Redrow

Chairman, Steve Morgan

"We have an excellent product range and a significant increase in output is anticipated during the current year, with a number of new sites either commenced or in the pipeline. With the ongoing assistance of good mortgage availability and Help to Buy, we expect Redrow will continue to make further strong progress"

Barratts

Chief Executive, Mark Clare

"Customer interest in the Help to Buy scheme has been very strong particularly from customers previously locked out of the market by high deposit requirements. Post the Budget announcement we saw reservation rates increase and partly as a result the number of homes we sold last year was up 20% on two years ago."

"We are now preparing for further growth and have committed £1 billion to land investment for new homes and we're also expanding the business by taking on 600 new apprentices and graduates to tackle the skills shortage"

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