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News story

New home ownership scheme unveiled

Monday, March 12 2012

Semi-detached houses

The Government will today unveil ambitious new plans to boost home ownership across the country.

An estimated 100,000 prospective and existing homeowners will be helped to buy their dream home through the NewBuy Guarantee - a scheme that brings lenders, builders and the Government together to offer mortgages on new-build properties with much smaller deposits than currently required.

The increased demand in homes will also give a boost to the house builders and the economy, and see thousands of workers returning to building sites across the country.

Unveiling the plans, Prime Minister David Cameron is expected to say:

"Strong families and stable communities are built from good homes. That's why I want us to build more homes and I want more people to have the chance to own their own home.

"We are acting today across the board to make this happen.

"We're re-booting the right to buy scheme to increase discounts for two million tenants in social housing in England.

"And we're delivering on our promise to offer affordable mortgages to buyers who might otherwise not be able to raise the money to buy a newly-built home.

"It's no good hoping people will climb the property ladder if the bottom rung is missing. Affordable properties and available mortgages are vital.

"So we're working with leading house builders and lenders to get the scheme underway. It's a vital boost to the housing market, giving people good affordable new homes and backing thousands of jobs in construction in the process.

"This government doesn't just talk about expanding home ownership: we're making it happen."

Housing Minister Grant Shapps is expected to say:

"This Government inherited a housing market in disarray, with millions of hard working people blocked from taking their first step on the housing ladder - their desire to buy a home no longer a dream, but a distant fantasy.

"We want to help everyone achieve their aspirations, and feel the pride of home ownership. So I'm delighted that from today the NewBuy Guarantee will give thousands of prospective buyers the chance to buy a home with a fraction of the deposit normally required."

For more information please visit the Department for Communities and Local Government website


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