November 7, 2018 / 7:32 AM / 9 months ago

Redrow urges review of lower regional price caps under "Help to Buy" extension

Nov 7 (Reuters) - Redrow Plc on Wednesday said it welcomed Britain’s extension of its policy to help first-time home buyers, but urged the government to review the lower regional price caps under the prolonged plan.

Britain said in October it will scale back and then end in 2023 a flagship “Help to Buy” equity loan scheme, an initiative which has helped first-time buyers get onto the property ladder by allowing them to purchase a new home with as little as a 5 percent deposit.

“We broadly welcome the extension, announced in the budget, of the highly successful Help to Buy scheme... We would, however, urge the government to review the regional price caps that markedly disadvantage the North and Midlands in favour of the South of England,” Chairman Steve Morgan said in a statement ahead of the company’s annual general meeting. (Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

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