Local house buyers are being helped on to the housing ladder thanks to action taken by the Conservatives to tackle the cost of living.
And this important aid has been welcomed by Dumfriesshire, Clydesdale and Tweeddale MP David Mundell, who is supporting the government’s ‘Help to Buy’ scheme.
The Help to Buy mortgage guarantee scheme is aimed at young people and families who have been unable to raise a deposit to allow them to buy a property.
The initiative was due to start in January, but has been brought forward by three months, which has seen the return of 95% mortgages by several high street banks.
The Home Builders Federation has said that firms with developments in the region should also benefit from the boost to the property market.
Local MP this week highlighted the benefits of the scheme, one of several UK Government cost of living policies to benefit people in his constituency.
Thousands of taxpayers are also benefiting from an increase in the personal tax allowance, allowing people to keep more of the money they earn, and from April next year, 224,000 people in Scotland will be taken out of tax all together.
Local residents are also benefiting from the cancellation of the fuel duty increase, making fuel 13 pence per litre cheaper. Meanwhile, businesses in the rural constituency are in line for a £2,000 tax cut, with some firms taken out of employer national insurance contributions altogether, under new legislation being lodged at Westminster.
David Mundell, Conservative MP for Dumfriesshire, Clydesdale and Tweeddale, said: “There are lots of young people and families in my constituency who are earning a decent wage but who cannot buy a house or flat because they have to have a deposit of tens of thousands of pounds. If you haven’t got wealthy parents then it’s impossible for many to get their hands on such large sums of money.
“However, bringing forward the Help to Buy Scheme has encouraged banks to bring back 95% mortgages, which means it will now be easier for thousands more to get on the property ladder for the first time. Hopefully, there will also be a knock-on effect for the housing industry, which will protect jobs and encourage firms to take on more building workers to meet the new demand for housing.
“Help to Buy is just one of a number of policies to help improve the quality of life for people across this area,” he added.
The local MP added that the Conservatives were ensuring residents kept more of their hard earned money in their pockets where they need it most.
“During these tough times we are on the side of hard working families and our tax cuts are giving real help with the cost of living,” he said, adding that in the recent budget, the Chancellor cancelled the fuel duty increase which is benefiting a typical motorist by £25.