Chancellor George Osborne has announced new initiatives to boost the housing m
Budget Boost for Housing
arket in today's Budget .
The new Help to Buy scheme will work in two ways.
From April all buyers of new homes up to £600,000 will benefit from £3.5 billion of capital spending to support shared equity loans of 20% of the value of the new homes, with the buyer raising a 5% deposit.
And, from January 2014 for three years, buyers of new and second hand homes will be able to buy with a low deposit backed by a new government mortgage guarantee scheme supported by £130 billion of funds.
The chancellor described Help to Buy as a "dramatic intervention" in the housing market.
The chancellor also said the government would be investing in providing 15,000 new affordable homes as well as a five-fold increase in the Build to Rent fund.
From: www.house-builder.co.uk
