Budget: 'Scheme will boost Derby property market'
SINCE the turn of the year, the property market has started to show signs of recovery and Derbyshire housing developers were looking for something in yesterday's Budget that would build on that momentum.
It came in the form of the Help to Buy scheme.
The scheme will provide interest-free loans of up to 20% of the value of new-build properties to help all buyers purchase their own home.
Mr Osborne also announced the New Mortgage Guarantee, which guarantees to underpin £130 billion of new mortgage lending for three years from 2014.
Property expert Chris Brown, of Derby-based lettings agent Sowter and Brown, said: "These are very positive announcements.
"My hope is that this scheme is introduced quickly, capitalising on the momentum that there seems to be a the moment."
James Smith, land director at Belper-based Peveril Homes, said: "The scheme will enable those who want to buy a newly built home the chance to move on to or up the property ladder across Derbyshire. I'm certain that this new scheme will boost the home-buying market."