Construction is one of the most needed industries right now, even during a pandemic. We have seen construction companies being used to complete major roadworks whilst the roads are quieter, as well as ramping up the production of new build homes, which will increase the need for construction machinery.
With the recent announcement from Boris Johnson regarding the help to buy scheme, we could be seeing a lot more houses popping up in local towns. If you’re looking to move home, find out how you can benefit from the latest changes. Additionally if you’re a company looking to expand your fleet, take a look at the vast range of used construction machinery available from BuyADigger.
What will the new Help to Buy Scheme involve?
The construction industry is being boosted massively by the government to create new homes for families. Not only will this in turn hopefully keep the financial economy moving, it is also a big step in keeping people in work, and allowing more jobs to open up for anyone who was made redundant due to the pandemic.
So what does the new help to buy scheme mean for buyers?
As most of us know a help to buy scheme is currently in place for first time buyers, which is set to expire in early 2021. However, the new scheme that will be open from 16th December 2020 will have regional price limits. These will be set to 1.5 times the average house price in any area.
The government has said that this will keep the prices of new homes closer to the average regional first-time buyer property price. It will also ensure that those who need the most support will benefit from the scheme.
First time buyers will be able to reserve their new build property as early as mid December with a move in date of April 2021.
The help to buy scheme has already helped more than 270,000 people own their own home and 82% of these are first-time buyers.
How does it work?
First time buyers will be able to put down a deposit as low as 5% of the property value.
The government will then provide an equity loan of up to 20% (40% in London).
Buyers will then need to arrange a mortgage to cover the rest of the amount.
Any individual can receive up to £240,000 from an equity loan, but it is important to understand how it works.
For the first 5 years, buyers will not receive any interest on the loan. After this, an interest rate of 1.75% will be put in place, which will rise each year with CPI (Consumer Price Index).
How else has the government helped the housing industry?
The government has also released a stamp duty holiday that is due to end on the 31st March 2021. This will entitle anyone completing their move before this date, to do it stamp duty free, saving them on average around £2500 depending on the price of their home.
Have you got enough construction machinery to keep up with the demand?
The latest changes to the housing industry will mean that the demand for construction companies will be at an all time high. Therefore, construction machinery will also be highly desired. Have you got enough plant equipment for your projects and any additional work that may be coming your way?
Here at BuyADigger we have a range of construction machinery available including:
- Excavators (Mini / Midi / Tracked / Long Reach / Wheeled)
- Backhoe Loaders
- Dump trucks and Site Dumpers
To view all our full stock list be sure to visit our website.
Why should you buy plant equipment from BuyADigger?
If you would like to know more about any of the used construction equipment for sale, or would like to get a quote, speak to the sales team at BuyADigger today.
If you are based overseas and would be willing to come and view the machinery before purchasing, we are more than happy to accommodate this and set up a meeting with you. Alternatively, if you require additional photos or videos we can also send these over to you.
All of our customers will know they are receiving high quality construction machinery as we can offer the following:
- Comes with a manufacturer’s service history
- International shipping is available if required
- A 1 month warranty on all major components
- Machines that only have one previous owner
Contact us on: 01634 779123 or email a member of the team today!