Vistry boss welcomes government’s first-time buyers initiative but says housebuilders ‘value certainty over reform alone’

Vistry chief executive Adam Daniels has welcomed the government’s new equity loan scheme – but warned more needs to be done to help the housing sector recover.

Prime minister Andy Burnham announced details of the Your First Home initiative last month under which first-time buyers will be given financial help to buy a new home.

More details of the plan will be announced in this month’s Budget but the policy is expected to support 2.5% deposits, backed by 20% government-backed equity loans for prospective buyers purchasing a new build property from a developer signed up to the scheme.

“Your First Home will help confidence,” Daniels told this morning’s Building the Future conference but added that firms needed “certainty” from government on the housing market.

“[One] pressing question is whether projects can move through the planning system quickly enough. Planning reform is welcomed but certainty is more valuable than reform alone.”

Daniels, who was appointed in April, said the market was at its weakest since the financial crash in 2008 and 2009 but added that government initiatives to build more homes in the coming years were providing “glimmers of hope”.

“I remain optimistic about the future of the sector. We know the UK needs more homes. It’s attractive to investors. The planning system is more predictable and responsive.”