NewBuy boost expected
The Council for Mortgage Lenders (CML) believes the NewBuy scheme will grow in popularity in the autumn following figures showing that the mortgage market is stable.
Bob Pannell, Chief Economist at the CML noted on house-builder.co.uk that "House purchase activity continues to be a little above year-earlier figures but the housing numbers are far from strong."
He went on to say that: "We expect to see stronger take up of NewBuy over the coming months, helped by a concerted marketing effort by builders and the recently launched Funding for Lending scheme which has prompted reductions in NewBuy mortgage rates. Both factors should stimulate buyer interest."