Tuesday, April 12, 2011
TSC report on FirstBuy scheme
The Treasury select committee has warned the FirstBuy scheme could push house prices further beyond the reach of many first-time buyers if the liberalisation of local planning laws fails to provide more housing stock. Chancellor George Osborne launched FirstBuy in last monthâ€™s Budget, a Â£250m scheme offering low interest loans to first-time buyers of up to 20 per cent of the cost of the house. The loans, joint funded by the Government and homebuilders, will be offered to 10,000 first time buyers with a 5 per cent deposit and an income of less than Â£60,000.