Government announces fund to help first-time buyers
Property professionals
17th December 2008
The UK government has announced it is to establish a £400 million fund to help first-time buyers get onto the housing ladder.
Housing minister Margaret Beckett said the funding would be channelled through the Homes and Communities Agency's HomeBuy Direct programme.
Ms Beckett commented: "For many young families who aspire to own a home, the difficulties in the housing market have made the step on to the property ladder that bit harder."
She also said the deal would give people more support and put their dream of becoming home owners within reach, adding that more than 100,000 had been able to buy their homes through shared equity and shared ownership since 1997.
According to the London Evening Standard, the funding will only provide help for around 1,300 first-time buyers.
The newspaper also reports that only 20 developers have agreed to take part in the scheme by offering unsold homes in areas of London.
