New first-time buyers scheme

A new scheme to help first-time buyers get on the housing ladder is being launched. ITV's Tonight programme has been told Britain's housing market is facing a "perfect storm" with potential buyers and sellers left in limbo and prices flat lining

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Deposit deterring many from owning home

One family struggling to get on the housing ladder spoke to ITV1's Daybreak about the problems they face. James and Sarah live in Stratford-Upon-Avon with their 8-month-old son. Despite wanting to own their own home they have no choice but to rent because they can't afford a deposit. James said:

"At the moment you need minimum 10% if not 15% to 20% deposit to get a decent mortgage rate. And with the price of properties you're looking at £25,000 upwards which is a big sum to save up for people."

James and Sarah live at the rented property with their son Henry Credit: Daybreak

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Housing market expected to strengthen

The housing market is expected to get stronger by the end of the year, according to a survey by estate agents. They are predicting a boost on the back of Government initiatives which should make mortgages more available. Expectation for future sales are at their highest level for two years.

Shelter: House hunters are priced out of the local market

59% of people who do not own their own home believe they will never be able to afford one in their own area, according to a new poll by the housing charity Shelter.

House hunters are being priced out

The figures come from a new poll by the housing charity Shelter.

Shelter analysts said someone putting away £200 a month would have to save for nearly 16 years to have enough for an average deposit.

44% said they believe their children or future children will not be able to afford a decent home.

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New housing scheme to target first-time buyers

The Government is to make a further £40 million available to help people onto the property ladder, through the launch of a new FirstBuy scheme.

The government are launching a new housing scheme Credit: Press Association

Housing Minister Mark Prisk will make the announcement later today

2,500 first time buyers are set to benefit, but critics of the scheme say it is not far reaching enough.

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