The government has announced a series of new measures to help more people onto the property ladder.
Estate agents Paveys have welcomed the news, saying that it will help to increase demand for homes.
The measures include:
– A new Help to Buy scheme, which will offer loans of up to 20% of the value of a new home to first-time buyers
– An extension of the Right to Buy scheme, which will help more council tenants to buy their homes
– A new scheme to help people who are struggling to get a mortgage
Paveys Estate Agents managing director, Matthew Pavey, said: “The government’s new measures will help to increase demand for homes and ultimately help to get more people onto the property ladder.
The policy is aimed at encouraging lower-paid workers to be able to use housing benefits to purchase a home—the Prime Minister wishes to modify the rules on welfare so that people who receive housing subsidies have the option of using it for rent or investing in a mortgage, effectively ‘turning benefits into bricks.’ To ensure that individuals on benefits can continue to save without their assistance being jeopardized, Johnson announced that Lifetime and Help to Buy ISA savings may be exempted from qualification criteria.