Chancellor plans support for first-time buyers

Jeremy Hunt is preparing a support package to assist first-time buyers in getting on the property ladder. Plans being considered include extending the Government's mortgage guarantee scheme, which enables prospective homeowners to buy a property worth up to £600,000 with only a 5% deposit. The scheme had been due to end in December but Hunt is now expected to announce a 12-month extension in the autumn statement on November 22. Hunt is also looking at creating a new type of individual savings account (Isa) targeted at people looking to build up a deposit to buy their first home, to reflect significant increases in house prices since the schemes were introduced. Downing Street and Treasury officials are understood to have been looking at proposals for a first-time buyer support package since the Help to Buy scheme ended in March this year. However, sources said the Treasury had ruled out reviving the scheme as this could prove inflationary. 

The Sunday Times (22/10/2023)