The government will put up loans of 20% of the cost of a new house interest free, the Chancellor has announced. Buyers will only need to put up a 5% deposit.
The loan would help buyers get a mortgage, as long as they buy a newly built house.
It will not be restricted to first time buyers, a move that will be welcomed by estate agents. Yesterday, Janet Hopkinson from Sanderson Young, a member of our Business Club, told me she wanted some action to help people move up the property ladder.
The Chancellor says it will also help the construction industry by creating demand for more new houses.