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Philip Evans


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EAST DEVON: Government’s scheme puts 143 East Devon households on property ladder

Thursday, 21 August 2014

THE Help to Buy scheme launched by the government has assisted 143 households get a foot on the property ladder in East Devon. This is in stark contrast to Mid Devon and North Devon, where there have been just 42 and 11 sales respectively. The government has issued its first set of regional statistics for sales between April 1st and June 30th, revealing that 80 per cent of Help to Buy sales have gone to first-time buyers. The controversial scheme has fuelled concern of house price inflation across the country, but Steve Russell, managing director of Devonshire Homes (pictured right), believes the scheme has encouraged developers to create desperately needed new homes in the South West. He said: “In this region most first time buyers have been unable to buy a new home because of the difficulty of raising a deposit. Help to Buy has enabled them to buy a new home by putting just 5 per cent of the sale price down. “We have seen negligible effect on new build house prices, and even nationally new build inflation was recently reported to be just 2 per cent. “Help to Buy has certainly encouraged us to build more new homes, but the region is far from meeting its targets. While more than 60,000 homes have been built in the South West in the last four years, developers must complete more than 96,000 just to meet the estimated annual demand.” Devonshire Homes is building 69 new homes at Amberside in Axminster and all of their open market homes are available on the Help to Buy scheme.

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