​NewBuy figures surged in Q2 2013

Data released by the Department of Communities and Local Goverment shows that the NewBuy scheme has achieved 3,749 completions to date.

Secretary of State for communities and local government Eric Pickles outlined in August that the scheme was designed to meet consumer demand and the department originally hoped to assist up to 100,000 households purchase a new home.

Quarterly figures show 753 completions between 1 January and 31 March 2013 rising to 1,460 between 1 April and 30 June 2013 suggesting that the initiative is gathering pace.

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.

Government liability currently stands at £38.4m and to date the government has incurred no costs.

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.”

“New Buy has started this process with 3,749 home purchases completed on the scheme in England in the past year and 1,460 of those happening in the last quarter.”