AN extension to the Government's Help to Buys Scheme has been welcomed by York's construction industry.

The Chancellor announced this afternoon that the scheme will run until 2020.

Help to Buy has already been praised by a number of businesses for kick starting the construction industry, including York house builder Persimmon, which attributed much of its 49 per cent rise in profits to the scheme.

Simon Usher, deputy managing director at Persimmon Homes Yorkshire, said: “The scheme has been hugely popular with all buyers and delivered the boost that was needed within the construction industry.

“We feel the extension will contribute to a consistent and sustained growth in the housing market and enable increased employment opportunities. It will also create greater confidence amongst house buyers and confirm the benefits of buying new build properties.”

Also welcoming the extension was Mark Perkins, chief executive of Shepherd Group Built Environment, who said: “The welcome extension of the Help to Buy scheme represents a now-or-never opportunity for the construction industry to take the reins and shape the economic future of the UK.

“The Chancellor’s pledge to invest a further £6 billion into the Help to Buy scheme, which he predicts will contribute towards more than 200,000 new homes across the UK, will further stimulate the built environment sector if this is aligned with much-needed, widespread infrastructure investment and close consultation with the industry. "