Tamworth‑based housebuilder The Owl Group has welcomed the launch of a new Government initiative aiming to help more people take their first step onto the property ladder.
The “Your First Home” was announced at the weekend and has been introduced by Prime Minister Andy Burnham ahead of this week’s Labour Party Conference in Liverpool. The scheme aims to tackle affordability barriers for first-time buyers.
Under the scheme, first-time buyers will get a 20% equity loan to help them buy a new-build home, with an initial interest free period and a requirement of a minimum deposit of just 2.5%.
Amanda Bishop, Group Growth Director for The Owl Group, said: “News of the Government’s ‘Your First Home’ scheme confirmed over the weekend is a positive injection for the housing market. Motivating first-time buyers and supporting people into home ownership is essential for a healthy housing market so we welcome this announcement.
“For many, getting on the property ladder is a major life goal, so a well thought-out, considered scheme has the potential to unlock this opportunity. We now look forward to further detail, which needs clear direction and a quick timeline for implementation. This will not only mean we can continue supporting house hunters in making their first move but also gives our industry the confidence to bring forward new sites.”
Further details on how the scheme will work are expected in next month’s Budget, which will be delivered by Chancellor of the Exchequer John Healey on Wednesday, 28 October. It will be his first Budget since he became Chancellor in July.
- Daily Focus will be covering the Budget and reaction from local business leaders. The best way to stay up to date with the latest stories is by signing up to receive the free morning mailout. Click here to subscribe.
- Yesterday, Daily Focus reported that The Owl Group has welcomed a new chief financial officer. Read that story here.
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