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NewBuy 'vital for UK property sector'

The launch of the government's NewBuy Scheme has been highlighted as an extremely important initiative in helping to tackle the UK's ongoing housing crisis.

According to figures compiled by the Home Builders Federation, 400 families and individuals have so far signed up to take part in the scheme following its launch just nine weeks ago.

Set to run for the next three years, this data bodes well for a positive response to the project, which aims to deliver incentives to individuals looking to move home to consider a new-build property.

The news comes at a time when the number of new housing starts across the UK is on a downward trend, with 15 per cent fewer new projects getting underway during the first three months of 2012 in comparison to the same period last year.

It is hoped that as word spreads of the success of the initiative, more people will be encouraged to purchase new homes across the UK.

Stewart Baseley, executive chairman of the HBF - which played a key role in the creation of the NewBuy scheme - commented: "Reaching 400 NewBuy reservations within weeks of its launch is a fantastic start and clearly demonstrates the customer demand for this vital scheme. These figures make us very confident that the scheme will deliver tens of thousands of sales over the coming years.

"By enabling home buyers to purchase a new home, NewBuy will kick-start new home construction, creating economic growth and thousands of jobs across the country."

The news follows a recent announcement from the Department for Communities and Local Government, which stated the government appears set to meet its targets for the provision of greater amounts of land for new home building projects.

In total, the government has now earmarked enough free land for the construction of 102,000 affordable properties across the UK by 2015. 

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