The home building industry today urged the Government not to abandon first time buyers by axing crucial home-buying assistance in the Comprehensive Spending Review. HomeBuy Direct is a partially Government-backed scheme that has helped 10,000 first time buyers onto the property ladder over the last two years. There is widespread concern that its funding won’t be renewed after September this year. The Home Builders Federation has today submitted evidence to the Treasury detailing the importance of the scheme and its wider economic value. This comes after the Housing Minister, Grant Shapps, committed the Government to helping young people meet their aspirations to own their own home. HBF also reveals that: • There are fewer first time buyers now than at any time in the last 35 years • Nearly a third of men and a fifth of women aged 20-34 now live with their parents • The average age of an unassisted first time buyer has now reached 37 HBF Executive Chairman Stewart Baseley said: “Ministers have made a commitment to aspiration and we need Government to follow through on that promise. HomeBuy Direct has helped 10,000 first time buyers get a foot on the ladder; scrapping it will move that first rung further away for many more.” ----ends------ For media enquiries, or to arrange an interview, please contact Steve Turner on 020 7960 1606 / 07919 307 760 or steve.turner@hbf.co.uk Notes to Editors: 1.The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk 2.The CSR submission HBF has sent today contains a range of measures it feels must be implemented if the Government is to achieve its oft stated ambition of increasing housing delivery. For a copy of HBF’s submission please click here to view 3. HomeBuy Direct allows buyers to overcome the deposit gap by funding 70% of the purchase price, with the Homes and Communities Agency (HCA) and home builder each funding 15% 4. In both 2008 and 2009 less than 200k FTB’s entered the market, the lowest level since 1973. In 1999, the figure was just under 600k. 5. 18% of females and 29% males aged 20-34 still live with parents – ONS social trends. 6. Last year saw the lowest number of new homes built in (Second World War years apart) since 1923 7. Each new home built creates 1.5 full time jobs plus up to four times that number in the supply chain.
