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Multi-million pound boost for FTBs

The Department for Communities and Local Government (DCLG) has announced a new multi-million pound initiative aimed at getting more first-time buyers (FTBs) to take their initial steps up the property ladder.

Housing minister Mark Prisk has unveiled a £280 million investment by the government in the DCLG's ongoing FirstBuy scheme, which aims to help a further 16,500 Brits afford to purchase their first home.

FTBs across the country will benefit from £40 million of funding to 41 UK developers in the coming year that will deliver savings for up to 2,500 people. The remainder of the funds will then be rolled over to 2013 to deliver thousands more savings in the future.

Mr Prisk stated: "The scheme has become a major player in helping people onto the property ladder and getting Britain building again - and I'm determined to maintain that momentum."

He went to add that FirstBuy has so far helped thousands of FTBs to avoid the 'Bank of Mum and Dad' when it comes to getting enough money together to afford a deposit for their first home and this latest announcement will continue this good work into the foreseeable future.

Homes and Communities Agency chief executive Pat Ritchie said: "We welcome the additional £280 million of FirstBuy funding, which will make a major difference to the lives of prospective homebuyers and keep momentum for affordable home ownership going, not only for this financial year but for the year after."

The news follows a recent promise from the prime minister that the government is targeting the creation of 70,000 more homes across the UK in the coming years to help alleviate the ongoing housing crisis that is being witnessed cross the country.

David Cameron stated £40 billion is to be spent on major infrastructure improvements across the UK, with £10 billion set aside specifically for new housing projects. 

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