Few takers for Cumbria housing loans trumpeted as flagship scheme
Last updated at 16:08, Tuesday, 11 February 2014
JUST a handful of homeowners in Cumbria have taken part in a scheme to get low-cost loans to buy new houses.
Figures released by the government show just four people took up the Help to Buy Scheme from April to December last year in Barrow, while eight people took advantage of the scheme in Copeland and no one took up the offer in South Lakeland.
The scheme, which was introduced by the coalition government in April last year, offers low-deposit loans to help offset the cost of a mortgage.
Nationally there have been 12,875 applications for the scheme – 17 of which were in Carlisle, four in Eden and 14 in Lancaster.
The scheme was launched as a flagship scheme by the government to help reinvigorate the housing market.
Would-be home owners with a five per cent deposit can receive a 20 per cent equity loan from the government which has no interest for five years before a 1.75 per cent rate of interest kicks in, the remaining amount is then covered by a mortgage.
However, homes must be bought from a registered Help to Buy builder and homes cannot be sub-let before the fees have been repaid.
The five local authorities with the highest number of completions are Leeds with 230, Wiltshire with 224, Central Bedfordshire 197, Milton Keynes with 195 and Manchester with 169.
Jeremy Oddie, North West chairman of insolvency body, R3, said: “While we have seen signs of an upturn in the property market and an increase in demand for new homes, the recovery remains fragile and it is still too early to talk about the construction sector having turned the corner.
“It will be interesting to see whether Help to Buy has a short-term impact on the health of the home-building sector.
“It’ll be a long time before we see the type of speculative development that we witnessed during the property boom, but if growing demand can translate into new projects getting under way it may be the light at the end of the tunnel for some homebuilders.”
The Department for Communities and Local Government will release figures this month.
First published at 15:56, Tuesday, 11 February 2014
Published by http://www.nwemail.co.uk
Have your say
Be the first to comment on this article!
Make your comment
- Elaine’s qualifications all add up to Ulverston firm's success
- UPDATE: Coroner records a verdict of accidental death at Windermere sailor inquest
- GSK’s £350m development reaches the halfway stage
- Car damaged by falling chair in Barrow
- Teenager needed stitches after Walney assault, man arrested
- Skate park boss and Millom council at loggerheads over contract row
- South Cumbria school praised for helping children feel right at home
- Chance to ride route of Barrow cycle race
- Barrow boy’s family hits out at children’s services
- SLIDESHOW: Barrow photographers snap up awards for artistry
- RAIDERS REVIEW: Capital result and good time for bonding
- RAIDERS REVIEW: We need to bring in a few quality players
- Texas talks throw up Barrow AFC transfer targets
- Barrow Raiders terror trio ready to be unleashed on Coventry
- County Matchplay Championship title first for Ulverston golfer
- Vets comp at Ulverston Golf Club a huge success
- Defending champions Furness back to winning ways
- Barrow Raiders unveil new youth plans (3 comments)
- Windermere win for Silecroft and Barrow trio
- Medal magic for Barrow martial arts masters
- South Cumbria children’s creativity worth crowing over
- Vital to pick up condition early
- Sharing the pain of chronic problem
- First Aid
- All aboard for a free trip into bus history
- Just rabbiting on about DIY skills
- Reply pleasing and surprising
- FOOD REVIEW: The Wheatsheaf Inn, Brigsteer (1 comment)
- From trenches to Dunkirk role
Visit our websites for...
- Swimming pool opening times
- Arrests follow covert clampdown by police
- Coming clean
- Tynedale man killed for his support of IRA campaign
- Groundbreaking Prudhoe company invests £2.5m
- LOOKING BACK PICTURES
- Onwards and upwards for AFC
- Prudhoe rape: police renew appeal for witnesses
- Prudhoe youngster lands dream job
- Anonymity may stifle progress
F. Dickinson footwear
Homes and gardens 22
To save our contact details direct to your smartphone simply scan this QR code
|Evening Mail Going Out|