By Jamie Lewis: Subscribe to Jamie's RSS feed
November 21, 2011 7:45 AM EST
The government has unveiled its radical new plans which will allow first-time home buyers to borrow up to 95 per cent alongside building 455,000 new homes.
David Cameron is set to get behind the initiative that aims to build 16,000 new homes and create up to 32,000 jobs from July 2012 and will only run in England.
Currently, the number of new homes being built is at its lowest since the second World War with only 121,200 made available last year.
Experts hope that at least 450,000 new affordable homes will be made available by 2015, most of which built on publicly-owned brownfield sites.
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Grant Shapps, housing minister told the BBC: “What we want to do is to make it easier for first-time buyers who say the biggest problem is the amount of deposit we have to get together. This is the biggest blockage.”
In return, shadow housing minister, Jack Dromey said: “With millions in need of a decent home at a price they can afford, the country is gripped by a growing housing crisis.
"Despite 127 government announcements, more than one a week since the coalition took power, their own figures show a 6% fall in new homes and a 10% increase in homelessness.”
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