Housing minister launches scheme for first-time buyers

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Housing minister launches scheme for first-time buyers

Prospective homeowners looking to take their first step on to the property ladder have been urged to apply for a new government funding programme.

Housing minister Grant Shapps has today (June 20th) announced the launch of the FirstBuy scheme to assist young people who have struggled with mortgage applications.

This comes after statistics revealed 80 per cent of first-time buyers rely on their parents for financial assistance when looking for their initial property.

In addition, the development of new residencies is also set to increase employment opportunities in the construction industry and drive economic growth.

Stewart Baseley, executive chairman of the Home Builders Federation, said: "FirstBuy will help first-time buyers, boost economic growth and provide a vital shot in the arm for the house-building industry."

The organisation recently urged the government to take increased action to create more homes for families amid the difficult financial conditions.

Following statistics revealing a year-on-year decline in approved planning permissions, the Home Builders Federation demanded a framework to prevent a housing crisis.

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