Today (Thursday 6th September 2012), Prime Minister David Cameron and Deputy Prime Minister Nick Clegg visited Crest Nicholson’s Aldermere development in Cheshunt, Hertfordshire to announce a series of measures to support the recovery of the UK housing market. Measures announced include the allocation of an additional £280m of funding for the Government-backed FirstBuy initiative, designed to help first time buyers access the housing market. FirstBuy has proved extremely popular at Aldermere helping numerous buyers take their first step onto the property ladder. James Moody, Managing Director of Crest Nicholson Eastern, said: “To date, 25% of our buyers at Aldermere have purchased through FirstBuy and other shared equity schemes, which clearly demonstrates the need and on-going demand for such initiatives. The continued backing of the FirstBuy scheme by the government therefore comes as a great boost, not only for hopeful first time buyers, but also for the UK property industry.
First time buyers are a key driver of the housing market and the various shared equity schemes available to purchasers are exactly what are needed to inject some movement into the housing market to help fuel economic recovery. It is vital that we and our fellow house builders continue to support FirstBuy so that buyers are able to take full advantage of the assistance on offer. “It’s also good to see the government recognising the role UK construction and house building can play in driving growth. Given that the construction industry employs nearly one tenth of the entire UK workforce, continued investment in the sector is essential. Today’s housing and planning package with its renewed focus on speeding up planning decisions and supporting house builder’s ability to deliver much-needed new homes will aid house builders such as Crest Nicholson to increase output creating the jobs and skills that are vital for the future of the economy.” FirstBuy is a government-backed scheme designed to help struggling first time buyers onto the property ladder by allowing purchasers to own 100% of their home for just 80% of the price. Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20% of the full purchase price. FirstBuy is available on a selection of two and three-bedroom houses at Aldermere. For more information or to make an appointment, contact the Sales & Marketing Suite, 1 Aldermere Avenue, Cheshunt, Hertfordshire EN8 0FE on 0870 757 8192.