Housebuilder Redrow praises government mortgage scheme
A HOUSEBUILDER with a development in Swadlincote has said the mortgage market has been boosted by government schemes to help first-time buyers.
Redrow Homes, the company behind the Priory Fields development, has praised the government-backed NewBuy scheme, which enables people to get a 95% mortgage.
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Redrow's Priory Fields development
Redrow, which this morning reported a 50% rise in pre-tax profits to £23 million for the six months to December, also said the market had been helped “significantly” by the Funding for Lending programme, which is offering up to £60 billion of cheap funds to banks and building societies.
In a statement, the company said: “If the current trend in reduction of mortgage rates continues, it will undoubtedly assist in the housing market’s gradual return to more normalised conditions.”
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Yesterday, Persimmon Homes, which has developments in Mackworth and Mickleover, reported pre-tax profits of £225.1 million for the year to December 31, up 52% from 2011.
3 Comments
by Np57Np
Tuesday, February 26 2013, 11:22PM
“Yeah, lets throw our money at this to keep houses unaffordable for us. You could not make this up.
If free market forces prevailed, prices would collapse 50%, and they will eventually when this and every other government have run out of scams.”
by stanvax
Tuesday, February 26 2013, 7:39PM
“Good news and a great scheme”
by mark_sinfin
Tuesday, February 26 2013, 2:35PM
“maybe if they didnt overprice the houses so much then there would be no need for schemes like this. we complain on one hand that the banks were giving out mortgages to people willy nilly then as soon as they acctually practice responsable lending then no one can afford it so the goverment/councils step in and loan money in a way that caused all this credit crunch in the first place.”