but stamp duty holiday scrapped as planned
By Harry Glass 'The Mail.'
The Government will underwrite mortgages for up to 100,000 buyers trying to get on the property ladder, meaning they will only need to pay a 5 per cent deposit for newly-built homes.
Help for families needing housing also includes a 'reinvigorated' right-to-buy, the Chancellor George Osborne said in his Autumn Statement.
Discounts of up to 50 per cent will be available for council house sales, with the money used to build a new affordable property for each one sold, he said.
Mortgage scheme: Only applies to buyers of newly built properties
The number of sales to first-time buyers fell to its lowest level in almost three years in October last month according to the National Association of Estate Agents.
But
the State's part-guarantee of buyers of new homes - called the Mortgage Indemnity Scheme - will mean people can get on the property ladder with only a relatively small deposit. Typically people are asked to pay a 20 per cent deposit.
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