UK BUDGET: Healey confirms first-time buyer housing support scheme

Chancellor John Healey on Wednesday laid out measures to support first-time home buyers which he said give them the chance to get the "keys to your own front door".

"Hope starts with a home," the chancellor said, as he unveiled the 'Your First Home' scheme, new to first-time buyers who "don't have the bank of mum and dad behind them".

The scheme, to be launched next Spring, is an equity loan scheme funded with £4.7 billion of government-backed lending.

The chancellor also announced that a First Time Buyer ISA will replace the Lifetime ISA.

He also pledged to deal with the 'Lisa' penalty, so that if the home you want costs more than the limit, you'll get back "at least what you put in".

The outline details of the scheme had already been announced at the end of September.

Healey said cheaper borrowing will be extended for councils to support £1.5 billion extra social and affordable housing funding.

Housebuilding stocks were mixed after the budget. Barratt Redrow was down 0.2% at 337.70 pence, Persimmon was up 0.5% at 1,328.00p and Taylor Wimpey was up 0.1% at 84.86p.

Wrapping up his speech, Healy said it was a budget for the "worker, sole trader, person at the school gate".

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