Posted 11.10.12
First time buyers will benefit from a multi-million pound boost to help them onto the housing ladder, said Housing Minister Mark Prisk.
The Minister announced the first allocations from a £280 million pot to help a further 16,500 first time buyers benefit from the FirstBuy scheme.
He confirmed that £40 million will go to 41 developers to help 2,500 first-time buyers this year - and called on them to go further, and bid for a share of £240 million to help deliver thousands more new homes under the scheme next year.
The FirstBuy scheme reduces the amount of deposit first-time buyers have to find by offering an equity loan of up to 20% provided by the Government and developers.
By March this year, the scheme had led to some 3,000 sales. Developers reported more than 8,000 FirstBuy reservations by the end of August.
The £280 million boost to FirstBuy forms part of the Housing and Growth Package announced by the Prime Minister and Deputy Prime Minister in September.
This package builds on the suite of options available for aspiring homeowners who want to get onto and up the housing ladder. This includes the NewBuy Guarantee and the reinvigorated Right to Buy, which will give thousands of council tenants the opportunity to buy their home.
