The home-building sector in the North West has welcomed the £3.5bn in finance, which will be received over a three-year period, in order to breathe life back into the housing market. As a result, hopefully loft conversions and other house work in Cheshire and Merseyside can expect to be in high demand.

George Osborne announced the Help to Buy scheme in the Budget. The initiative offers support for house buyers having a difficult time in finding the necessary deposits required for a mortgage.

The Chancellors said in a statement made to the Commons:

“We’re going to help families who want a mortgage for any home they’re buying, old or new, but who cannot begin to afford the kind of deposits being demanded today.”

There are two strands of Help to Buy, each with the aim of freeing up finance for buyers; mortgage guarantees and equity loans.

LPC Living is building houses currently at developments based in Merseyside and Salford. Marketing manager Scott Neal said:

“Today’s announcement to open up the Help to Buy shared equity scheme to all buyers, not just first-timers and scrapping the £60,000 income limit, is welcome news indeed.”

He went on to say that in order being able to purchase a new, resourceful home with only 5% deposit should certainly be an incentive for people to reconsider their position when it comes to being able to afford to buy a home. He said that an additional benefit is that construction jobs should be safeguarded across the country.