Labour to give first-time buyers a helping hand

25 January 2005
Labour has unveiled a new plan to give first-time buyers a leg up onto the property ladder.

The Government scheme comes days after a Halifax survey revealed that average income first-time buyers cannot afford a home in 92 per cent of the UK.

The new five-year Government plan includes a Homebuy scheme, which lets tenants of housing associations and local authorities buy a stake in their rented home.

Labour promised that revenue from the scheme would be reinvested in social housing letting 10,000 extra social houses be built a year by 2008.

Launching the package, Deputy Prime Minister John Prescott said: "Tackling the nation's chronic housing needs and giving people more choice is not just about them gaining a roof over their head - it's about giving people a stronger financial future and ensuring greater social justice.

"We are offering the most comprehensive, fair and flexible policies ever to deliver sustainable homeownership. It means more first time buyers, more people in social housing and more key workers like nurses and teachers being able to get on to the housing ladder."

To find out about existing first-time buyer mortgages, click here.
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