David Cameron has announced he will bring forward his flagship Help to Buy scheme.
The programme gives property buyers the chance to access an interest-free 20 per cent loan to make up part of a 75 per cent mortgage. This means only a five per cent deposit is needed to have access to a house valued at less than £600,000.
But while the scheme had originally been slated for January 2014, consumers will now be able to access the lending project within the next fortnight – despite objections by some Liberal Democrat coalition partners.
Business secretary and senior Liberal Democrat Vince Cable has repeatedly highlighted his scepticism of George Osborne’s ability to keep the housing bubble from inflating.
However, David Cameron is much more optimistic and the prime minister told the Andrew Marr show: “As prime minister I am not going to stand by while people’s aspirations to get on the housing ladder are being trashed.”
Mr Cameron announced the new start date at the Conservative party conference in Manchester, where delegates were met by a large Trade Unions Congress protest against austerity measures.