First time buyers have taken advantage of the government schemes designed to support the recovery of the UK housing market and its impacts are being seen today.  House builder Redrow is a firm believer in the schemes which have helped the firm and in particular has praised the NewBuy and Funding for Lending plans.  The firm has seen large increases in profit and sees the coming months as opportunities for more.

Redrow commented on the schemes and the influence they have had on the market, saying: "If the current trend in reduction of mortgage rates continues, it will undoubtedly assist in the housing market's gradual return to more normalised conditions.”

The firm continued its remarks in regard to regional support of the schemes, saying: "Wales, where NewBuy is not yet available and there is no proposal for an equivalent of FirstBuy, we are not seeing the same stimulus to the new-homes market evident in England.”

New builds will have immediate impact on the UK housing market and its impending housing shortage, which will prove to be an issue sooner rather than later in all probability.  Other house builders, namely Persimmon and Bovis, have also experienced growth through the government schemes.  Both have reported substantial increases in the amount of new sales.

As new houses are being built, there still reside many benefits in the remortgage market.  Many house owners are still unaware of the possible value a remortgage carries with it.  The possibility of lowering the monthly mortgage payment is present, along with the chance of increasing the amount of cash in hand at the conclusion of the process.