Housing developers praise Budget scheme

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Housing developers in East Lindsey have welcomed a government initiative supporting first time buyers and the construction industry.

The Chancellor George Osborne announced two separate schemes to assist home buyers in last week’s Budget by offering mortgage guarantees and interest free loans in a drive to kick-start the stagnant housing market.

Skegness based Manorcrest Homes has praised the initiative, which company director Leigh Hall believes will offer a ‘great incentive’ to inspire new housing developments.

He said: “I think we’ve already been seeing signs of the industry picking up but this should put us in a good position to develop that further. Our country and its economy is dependent on construction and the knock on effects it will provide to other markets such as retail and manufacturing will be a real boost.”

Fellow developers Lindum Homes has echoed Mr Hall’s comments, although it remains unsure of the Help to Buy scheme’s ‘finer details’.

Sales manager Rebecca Hurst-Miller said: “Our view is that anything that brings focus on to the housing market and encourages buyers has got to be a positive thing,”

A word of warning, however, came from Labour which feared the scheme may be used by rich homeowners to buy second homes. Others have warned it may create a housing ‘bubble’ similar to that which triggered 2008’s global recession.