15 Mar

NewBuy scheme will help boost the market

NewBuy scheme will help boost the market

The government's latest scheme to help boost the number of people buying homes should help to increase the amount of transactions seen by estate agents in the UK.

Earlier this week, housing minister Grant Shapps announced NewBuy, a scheme which will see people able to buy a home with just a five per cent deposit, with the lender insured for up to nine per cent of the value of the home, should the buyer default.

Mr Shapps said the scheme could help 100,000 people onto the property ladder.

"I'm delighted that from today the NewBuy Guarantee will give thousands of prospective buyers the chance to buy a home with a fraction of the deposit normally required."

This new scheme could have come at a good time for the housing market in the UK, with the end of the stamp duty holiday coming at the end of this month likely to cause a drop in activity among first-time buyers, according to Andy Pratt, chief operating officer at Alexander Hall.ADNFCR-1222-ID-801318610-ADNFCR

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