Persimmon reports completions increase
UK developer Persimmon Homes has announced it has delivered a seven per cent increase in the number of new properties being brought to the market during the first half of 2013, with Help to Buy providing a boost to demand for new dwellings across the UK.
Help to Buy equity loans were introduced by the government in April and have so far helped more than 4,000 Brits to purchase a home of their own.
Open to anyone and available for properties valued up to £600,000, the scheme requires individuals to pay only a five per cent deposit on their chosen property, with the government making up a further 20 per cent of any costs for purchase.
In addition, the government is to set to launch its new Help to Buy Mortgage Guarantee scheme from January 1st next year, although full details of the programme have not yet been released.
What is clear though are the benefits already being felt by Persimmon, as its latest interim figures show the firm completed 5,022 new homes in the first six months of this year - a considerable upturn on the same period in 2012.
A company statement read: "We are encouraged by the gradual increase in the number of major mortgage lenders supporting this government initiative and anticipate that all the major lenders will be providing 'Help to Buy' related mortgage products over the coming weeks.
"This will present a wider choice to customers and will help to support further increases in new home sales."
Overall, construction output is considerably up for the company, while its margins have also grown by three percentage points to close to 15 per cent in the last year.
In the months ahead, the house builder has also forecast these figures will improve further, with the company targeting 85 new development sites in the second half of 2013, bringing its total number of house building projects across the UK to 385 for the year as a whole.
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