The milestone was announced the day that official statistics revealed a 15% drop in housing starts in Q1 of this year compared to Q1 of 2011 to just 24,140.
At a time when the UK is building fewer homes than since the 1920s, and fewer than half those required to meet housing need, the figures further emphasise the value of NewBuy to home buyers, the industry and the economy
Around 60,000 starts per quarter are needed to meet housing demand. The country is facing an acute housing crisis, with millions on social housing waiting lists and first-time buyers unable to buy, largely because they can’t afford the deposit required to secure a mortgage.
Stewart Baseley, Executive Chairman of HBF, who was part of the team that developed the NewBuy scheme, said: "Reaching 400 NewBuy reservations within weeks of its launch is a fantastic start and clearly demonstrates the customer demand for this vital scheme.
"These figures make us very confident that the scheme will deliver tens of thousands of sales over the coming years.
"As today’s house building statistics show, we have an acute housing delivery problem. By enabling home buyers to purchase a new home, NewBuy will kick-start new home construction, creating economic growth and thousands of jobs across the country."
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