NewBuy scheme launches to help boost the property market
The government’s NewBuy scheme has been launched, giving property investors the chance to borrow up to 95 per cent of the value of a new home.
It is hoped that the initiative will help more people climb on to the housing ladder, with the construction industry and taxpayers acting as co-guarantors.
“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,” said prime minister David Cameron.
He added that along with a “rebooting” of the right-to-buy scheme, the government hoped to provide the bottom rung of the ladder for people to climb on to.
Grant Shapps, housing minister, said that Whitehall was not prepared to witness “an entire generation” be locked out of the housing market.
The announcement comes as the government prepares to end the stamp duty holiday later in the month.
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