NewBuy completions increase by 94% between first and second quarters

NewBuy completions rose nearly 94 per cent between the first and second quarters.

Data released by the Department of Communities and Local Government shows there were 1,460 completion in the second quarter, compared to 753 in the first quarter.

The government scheme, launched in March 2012, aims to help buyers with a 5 per cent deposit or more to purchase a new-build property in conjunction with participating builders. The scheme has the capacity to assist up to 100,000 new-build purchases, although there have only been 3,749 to date.

Legal & General director of housing and external affairs Stephen Smith says: “The largest problem we face is the chronic undersupply of housing stock and the potential upward and unsustainable pressure that could put on prices. Clearly new build has an important role to play in increasing supply and meeting demand.”