Burnham outlines housing help

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ANDY BURNHAM has announced a new help-to-buy housing scheme for first-time buyers.

To be called Your First Home, the plan will offer buyers a 20 per cent equity loan with an initial interest-free repayment period.

It will exclude those with large savings and be subject to a price cap.

Mr Burnham said: “Too many young people are struggling with housing, with many giving up hope on ever having a home to call their own.

“So we are going to help more first-time buyers onto the housing ladder, especially those who can’t call on the bank of mum and dad.

“Your First Home will get them the keys to their own front door, and give builders the confidence to deliver the high-quality new homes the country needs.”

The plan may risk exacerbating housing problems in that it will increase demand for which at present there is no supply, since ministers have conceded they will likely miss their housebuilding targets.

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