First-time home buyers were given good news as the Government outlined plans to breathe life into the ailing housing market and boost the construction industry.
A new help-to-buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new-build house.
The Chancellor said the scheme will be available to everyone who wants to buy a home from next year.
A new mortgage guarantee, sufficient to support £130 billion of loans, will help people who cannot afford a big deposit.
The Government will also offer interest-free loans for five years for those wanting to buy new-build homes.
The loans will be available to those who can find a 5% deposit with the loan worth up to 20% of the value of a home worth up to £600,000 and repayable when it is sold.
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