Two schemes launched for the property market

Mr Shapps declared the NewBuy Guarantee open for business - a scheme that will enable an estimated 100,000 prospective and existing homeowners to buy their dream home with much smaller deposits than currently required.

The increased demand for new homes will also give a boost to house builders and the economy, and see thousands of workers returning to building sites across the country.

At the same time, the Minister announced details of the reinvigorated Right to Buy, which will give up to two million social tenants the opportunity to buy their council home with a discount of up to £75,000 and, for the first time, ensure that additional properties sold are replaced with new affordable homes for rent.

Housing Minister Grant Shapps said: "We want to help everyone achieve their aspirations, and feel the pride of home ownership. So 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.

"We are determined to maintain the number of affordable homes for rent - so for the first time, homes that are sold will be replaced by a new affordable homes, helping councils meet housing need and getting the nation building again."

Further information
www.communities.gov.uk/news

 

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