The Home Builders Federation (天美传媒) has welcomed the to help more first-time buyers to purchase a new build home.
The new scheme 鈥� 鈥� is due to be formally announced in the Autumn Budget next month. It is expected to give eligible first-time buyers access to a government-backed equity loan worth up to 20% with deposits as low as 2.5%.
Neil Jefferson, Chief Executive of the Home Builders Federation, said: 鈥淲e welcome the Government鈥檚 announcement today and its recognition of the significant challenges facing first-time buyers and the wider housing market. We have been calling for action to improve access to home ownership, and a well-designed scheme has the potential to make a real difference to households who are struggling to get onto the housing ladder.鈥�
鈥淚t is important now that the Government moves quickly to implement the scheme. We look forward to working constructively with Government and the wider sector to help refine the detail and ensure the scheme is as effective as possible. It is important that it works for buyers across different parts of the country and for housebuilders of all sizes, while supporting the Government鈥檚 wider ambition to increase housing delivery.鈥�
鈥淭he housebuilding industry is ready to play its part, delivering new homes and jobs at pace, with increased investment, and we will continue to work closely with Government to help get the scheme up and running as quickly as possible.鈥�
In its announcement Government has said the scheme will 鈥榓ct as a much-needed stimulus to support the market and boost housing supply鈥�. While further detail is yet to be released, Government has outlined that developers will be expected to make a contribution to access the scheme.