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Government plans Budget boost for NewBuy
The government is expected to use the Budget to invest more funds in NewBuy and is exploring the idea of extending the scheme to older homes.
While the details are still being discussed, the Treasury has made it clear extra resources would be made available, the Financial Times reported. Ministers are also considering a public consultation on extending the government-backed scheme to existing properties.
Other announcements on Wednesday may include plans for freeing up more public land for house building, added focus on the £10bn housing infrastructure guarantee scheme and talk of future ‘garden cities’.
David Cameron earlier this month hinted at more support for NewBuy when he praised the scheme during a major speech on the UK economy and described the high average age of a first-time buyer as a rebuke for those who believed in a property-owning democracy.
Last week, the Confederation of British Industry urged the chancellor to make house building and home finance the main plank of his upcoming Budget in order to boost confidence in the economy
The prominent business lobby’s proposals included investing £1.25bn into 50,000 affordable homes, expanding the NewBuy scheme to those with negative equity and introducing a housing deposit ISA.