Budget homes plan loophole

The Treasury has still not explicitly said it will prevent homeowners from using Government-backed mortgage guarantees to buy second homes, after ITV News exposed the loophole. It is also feared the cost of the scheme could be passed onto borrowers.

View all 22 updates ›

Encouraging new builds and property ownership a priority

Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, says: "The Chancellor wants to encourage new building and help hard pressed buyers with inadequate deposits.

"He has announced interest-free loans of 20 per cent on properties up to £600,000. He has also announced up to £130bn of mortgage guarantees by the Government.

"He clearly sees encouragement of new builds and property ownership as a major priority. It will be interesting to see the detail on this as it could be significant."

More on this story