Multi-million pound boost will help buyers onto the housing ladder

Housing Minister Mark Prisk has announced the first allocations from a £280 million pot to help a further 16,500 first time buyers benefit from the FirstBuy scheme. Minister Prisk confirmed that £40 million will go to 41 property developers to help 2,500 first-time buyers this year. He called on them to go further and bid for a share of £240 million to help deliver more new homes under the scheme next year. The FirstBuy scheme reduces the amount of deposit first-time buyers have to find by offering an equity loan of up to 20% provided by the Government and developers. The scheme has already helped thousands of buyers across the country, with 3,000 sales made by March this year and developers reporting more than 8,000 FirstBuy reservations by the end of August. October 12, 2012