BUILDERS are backing a government scheme designed to help first-time buyers onto the housing ladder, claims the government.
The builders behind half of all homes built in England are committed to offering the NewBuy Guarantee, said housing minister Grant Shapps.
Nine of the 10 largest housebuilders are signed up to the guarrantee, offering aspiring homeowners the opportunity to buy a new-build property with a fraction of the deposit normally required.
The NewBuy Guarantee was one of a number of government-backed measures to support those looking to take their first step onto the property ladde, said Mr Shapps.
Others included the FirstBuy Scheme, which has a goal of helping 10,000 first-time buyers struggling to raise a deposit by purchasing a 25% share of a new property and paying rent on the remainder.
Mr Shapps said: "The range of government schemes available is bringing down the cost of home ownership and making that first rung of the property ladder easier to reach for more and more people.
"As well as the FirstBuy Scheme offering a valuable alternative to the Bank of Mum and Dad, the NewBuy Guarantee is proving increasingly popular."
It comes as a new study by lenders Halifax suggests that government help for first-time buyers is bringing down the cost of home ownership.
The average price paid under affordable home ownership schemes is £161,839 - 12% lower than the average house price in England.
Mr Shapps said: "Because both schemes are available on newly-built properties, they also offer a boost to our ongoing efforts to get Britain building, delivering the homes and jobs this country needs."
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