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With mortgage lenders continuing to make it hard for homebuyers to take out a home loan to purchase property, a growing number of first time buyers are turning to the 'bank of mum and dad' to help finance a property purchase. But with a wide range of initiatives now available to help people gain a foot on the housing ladder, there are plenty of alternative options.
Fresh research by the Centre for Economics and Business Research (Cebr), on behalf of HSBC, reveals that the ‘bank of mum and dad' helped to finance over 100,000 first time buyer borrowers between 2008 and 2011.
The government-back mortgage indemnity scheme, NewBuy, has so far seen just 250 home purchases, according to data published by the Communities and Local Government today, but there are signs that sales levels will soon rise sharply.
The scheme is designed to make it easier for first time buyers to get on the property ladder by accessing mortgages with deposits as low as 5%.
The average price of a new home developed by Redrow Homes increased by an average of 15% from £164,800 to £189,900 in the year to 30 June, the company announced today.
The rise in property values reflects both an increase in demand from homebuyers for new homes and a change in company strategy, with Redrow now building larger "more upmarket homes", according to Steve Morgan, founder and chairman of Redrow.
To the tune of "She'll be coming round the mountain when she comes" - all together now - "You can stick your f***ing houses up your ar*e..."
Blimey, that's a bit fruity for a National Trust AGM. I know they are at the vanguard of an ignorant anti-development campaign, but language please NIMBYs, language.
Housing minister Grant Shapps has announced the final design of the New Homes Bonus, fulfilling the government's coalition agreement commitment, with a view to providing local authorities with an incentive to deliver more new homes.
The announcement was made on the day government figures showed that new build home building levels in 2010 hit their lowest level since 1923. Just 102,570 new homes were constructed in 2010, down 13% year on year.
New homes developer Redrow Plc have reported a first-half profit after selling more new homes for higher prices.
One of the principal networking events for trade leaders in the residential property industry failed to attract enough ‘decision makers' this year, resulting in a lack of clear resolutions on how to improve the housing market, according to Roger Southam, head of Chainbow, the property management firm.
Calling all new home developers who are building the best new homes in Britain - there are less than two weeks left to get your entries in for the What House? Awards 2010.
The What House? Awards, in their 29th year, are the most prestigious and longest established in the housebuilding industry. They reward housebuilders and new home developers, large and small, across 23 categories.