Housebuilders will pick up the pace of work on sites across the area after a multi-billion pound bid by Chancellor George Osborne to get the market moving.
Paul Rowley, managing director of Leyland-based Rowland Homes, said the £3.5bn Help to Buy scheme announced in yesterday’s budget would enable developers to get sites completed and move onto the next project quicker.
The scheme offers interest-free loan worth 20 per cent of the value of a new-build house to those people able to find a five per cent deposit.
It broadens out a previous scheme, First Buy, which has been offering equity loans to first-time buyers only by offering help to all movers.
Mr Rowley said: “At the moment, if we got a site to build 100 homes on, we would need four years to complete it, whereas six or seven years ago we could be on and off again in 18 months.
“I do not think this initiative will get us back to that level but it certainly ticks all the boxes for us.
“Unlike the old First Buy Scheme where the developer had to put up 10 per cent equity, we can use that money to put straight into new projects.”
Rowland Homes is currently involved in building a new development of 82 homes on the former Prestolite factory site on Cleveland Road, Leyland.