HOUSING

The Government’s plan for a shared equity scheme set to get 10,000 people onto the property ladder was roundly welcomed by the industry.

Harvey Williams, housing spokesman for the RICS in the region, said it was just the boost the industry needed.

He said: “We are very pleased in the RICS at the shared equity scheme that the Chancellor has announced for first-time buyers.

“In this day and age first-time buyers are going to have to raise 25 per cent of the value of a property in order to get the best possible mortgage product on offer.

“Originally they have been used to providing a five per cent deposit so 25 per cent is quite a hardship.

“The Chancellor is producing an extra 20 per cent, which with their five per cent, will enable them to have a 25 per cent deposit.

“First-time buyers are the lifeblood of the housing market and have been very harshly dealt with.

‘‘This gives them a bit of equity and gives them their first step on to the housing ladder.”

Tom Dennes, of Bigwood Country Homes, also welcomed the Government’s move to provide £250 million to help first time buyers to purchase a new build property.

Mr Dennes said: “Given the Chancellor was heavily constrained in what he could do this is definitely helpful.

“First-time buyers are so hard pressed to borrow money and have to save for so many years, this is a good start. Anything that assists the first-time buyer will have a knock-on effect towards getting the property wheel moving again.

“These are small, but positive, gestures and, with things perking up again now spring is here, the Budget will encourage things on the way.”