Multi-million pound pot for first time buyers
First time buyers are in line for a £280m boost as Housing Minister, Mark Prisk announces a cash injection into the Government’s FirstBuy scheme.
FirstBuy helps first time buyers struggling to find the sizeable deposits now required to get on the property ladder by offering an equity loan of up to 20 per cent provided by the Government and property developers.
The latest funding will be split; the first £40m going to 41 developers which, in turn, will help 2,500 first time buyers purchase their first home. The remaining pot will then be made available for developers to bid on a share to then develop more new homes next year.
The pot is expected to help 16,500 first time buyers and build on the scheme’s initial success; developers have reported more than 8,000 FirstBuy reservations were made by the end of August.
Housing Minister, Mark Prist, comments:
“FirstBuy has already proved highly successful, providing a practical alternative to the Bank of Mum and Dad for thousands of first time buyers across the country.
“The scheme has become a major player in helping people onto the property ladder and getting Britain building again and I’m determined to maintain that momentum.
“That’s why today just a month after the Prime Minister confirmed this funding boost, I’m asking developers to start putting this money to good use and giving them the chance to start planning for how they can help first time buyers in the coming year.”
Content correct at time of publication