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Managing Director of Millwood Designer Homes, John Elliott, comments on the Government’s promised Help to Buy boost and Theresa May’s pledge to “reignite home ownership”:

Following the Conservative Party conference in Manchester last week, I am delighted Theresa May is fully backing the UK housing market and is “getting the government back into the business of building houses.” The Prime Minister has announced that, in a pledge to “reignite home ownership,” the Government will find an extra £10 billion for the Help to Buy scheme, in order to assist another 135,000 people onto the property ladder.

One of the key points of her speech was a commitment to restoring hope, and fixing the current housing market. As a small house builder, it is fantastic to hear that that the government will be making a conscious effort to provide the land needed to build these new homes, so we are able to deliver the ambitious targets set by the Government.

In the new build market, Help to Buy is the single most important factor fueling activity among first time buyers and its importance should not be underestimated. May’s announcement of an extra £10 billion funding for the initiative, has come at exactly the right moment, delivering a big boost of confidence amongst first-time buyers and home builders, following a feared end to the much-needed subsidy programme.

At Millwood, we firmly support the Help to Buy initiative as a means to assisting home ownership, especially for first time buyers. We have seen particularly strong uptake of Help to Buy at our current Hastings based development Woodlands View, where at least half of the homes sold have been through the Government-backed initiative. The scheme is also currently available at Little Logmore in Dorking and our new sites across Kent – Windsor Meadows in Marden, Brambledown in Maidstone and The Old Orchard in Sutton Valence.

I have no doubt that the combined effect of the extra boost for Help to Buy and a Government committed to helping British homebuilders where possible, will create greater stability economically and renewed confidence for the UK housing market.