Numbers of house purchases completed under the Government's NewBuy Guarantee Scheme reduced by 17% during the first three months of 2013, according to figures released today.
The Department for Communities and Local Government revealed a total of 754 homes were sold via the initiative during quarter one of this year compared with 908 during the last three months of 2012.
Despite experiencing a fall last quarter, completion numbers have grown since the Government introduced the NewBuy scheme in March 2012. Around 2,291 homebuyers in England successfully completed purchases via the scheme by the end of March this year.
Under the scheme, borrowers with a deposit of at least 5% can secure a mortgage with a loan-to-value of up to 95% on a new-build property funded by the Government and participating building companies.
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