The Manchester Evening News reported this week that 48 per cent of housebuilder Taylor Wimpey’s sales in Manchester in the first half of the year have come from the first-time buyer market.
Taylor Wimpey, which locally has developments across Greater Manchester, Cheshire, Tameside and Lancashire said the Government’s Help to Buy Scheme remained “very popular” with customers, accounting for 42 per cent of 4,755 private home completions in the first half of the year.
Taylor Wimpey, which was near to the brink of collapse in 2009, said in the half year to 29th June, it increased the amount of homes it built by 11 per cent to 5,766, whilst the average selling price rose 10 per cent to £206,000. The group has indicated that it is “confident” of meeting its full-year expectations, due to the improving economy, the four-year extension of the Government’s Help to Buy Scheme to 2020 and measures brought in to prevent the overheating of the housing market.
In respect of the Help to Buy Scheme, statistics published by the Government in May 2014 showed that the Scheme is opening up home ownership to thousands (through equity loans and mortgage guarantees) and supporting the Government’s long term plan to help hardworking people secure a better future for their families.
Recent measures that have been brought in to prevent a housing bubble include affordability checks introduced in April’s Mortgage Market Review and new rules last month from the Bank of England. Under the Bank’s new measures, lenders must ensure that no more than 15 per cent of new mortgages are given to people borrowing more than 4.5 times their income.
If you would like more information regarding the Help to Buy Scheme, the purchase of your new build property or any other residential property matter, please get in touch with one of our experienced and specialist residential property solicitors in our Residential Conveyancing Department.
At Myerson, we offer a prestige conveyancing service, providing the highest quality legal advice for discerning clients. Whilst our offices are easily accessible for people in the local areas including Altrincham, Hale, Bowdon, Sale, Timperley, Knutsford, Alderley Edge, Wilmslow and Prestbury, we also act for clients throughout England and Wales.
Myerson are also accredited members of the Law Society Conveyancing Quality Scheme – the mark of excellence in the residential conveyancing process.