Government launches NewBuy scheme

The government has now launched a scheme to help people in England climb up the property ladder. The NewBuy scheme enables existing or first time buyers to borrow up to 95% of the value of a new home.

The scheme is expected to jump start the stalled housing market and boost the construction industry with an extra 100,000 new homes expected to be built, creating mass job opportunities.

Prime Minister David Cameron said “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.”

He continued to say “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.”

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