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Osborne says industry wanted 10,000 newbuilds for FTBs

Chancellor George Osborne says he was advised by the industry against increasing the Government’s new first-time-buyer help beyond 10,000 homes.

In last week’s Budget, Osborne unveiled plans to support FTBs moving into newbuild properties, with the Government and housebuilders stumping up a 20 per cent deposit in the form of low-interest loans.

Mortgage brokers have criticised the scheme for being too small but Osborne told MPs at a Treasury select committee meeting this week that the size of the scheme was decided based on industry advice.

He said: “The reason we identified 10,000 as a reasonable number was because that was the number the industry told us, the capacity they were able to do. I could have provided more money if I had been able to and made other choices in the Budget but the industry itself was clear about its cap- acity constraints.”

Osborne said the scheme is not a “silver bullet” to helping FTBs on to the housing ladder but he was attracted by the fact it could be implemented quickly.

He said: “The idea of shared-equity schemes for FTBs in new-build properties was something that we could get out of the door from the beginning of the new financial year without having to spend months or years designing some new scheme.”


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Recently, as I was judging the shortlisted candidates for the Yettanotha financial services journalism award, I was – and not for the first time – struck by the fund-amental incompatibility of investment and most of the media that covers it. Investment, at least in theory, is about taking a long-term view – something that is […]

Royal London appoints Loney as chief executive

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Woodford warning on growth

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Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


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