£10 billion Help to Buy boost

Prime Minister Theresa May has said that an extra £10 billion will be made available for the government’s Help to Buy scheme.

In an attempt to allow another 135,000 people get on the property ladder, the scheme helps buyers get a mortgage with a deposit of as little as five per cent to buy newly built homes.

Home ownership has fallen roughly eight per cent in the last 15 years, leaving only an estimated 22.8 million households in England being owner-occupied last year. Of that number, the Local Government Association has reported that just 20 per cent of those aged 25 own a property, compared with 46 per cent two decades ago.

May announced the plan on the BBC's Andrew Marr Show ahead of the Conservative Party Conference Manchester.

Further details of the plan are to be announced in the November Budget speech.