South West homebuilder welcomes news of government boost to homebuilding and first time buyers

Commenting on today’s government announcement on the introduction of 95% mortgages for first time buyers of new homes, Cavanna Homes Managing Director Jeremy Cavanna said: “This is very good news for young people in particular who have had a really tough time with unemployment, student debt and trying to afford somewhere to live. This policy is a welcome return to the long standing tradition of providing 95% mortgages and it will allow those who are able to raise a mortgage to break through the deposit barrier which has been a major problem in recent years.”

In response to the £400million boost to the housebuilding industry, Mr Cavanna said: “Earlier recessions have provided firm evidence that there is a very strong link between house-building and economic recovery which is why news that the government are ploughing £400million to kick-start the industry is very welcome indeed.”

Mr Cavanna added: “In the 1930s, substantial investment in housebuilding and infrastructure led Britain out of the Great Depression and, while we all appreciate that Government finances are really pressed, this is a proven solution.”