New plan to help FTBs

A new scheme is being launched by the government in a bid to help first time buyers (FTBs) onto the property ladder.

The Department of Communities and Local Government (DCLG) has announced that local authorities, working alongside private companies, will be able to offer new deals to young buyers on new homes built on local authority land.

It is hoped that thousands more families will be able to buy as part of the scheme, with key workers and FTBs specifically targeted.

"We urgently need to build more homes for first time buyers and families. That's why we are investing £10.2 billion to increase affordable and social housing," said housing minister Yvette Cooper.

"But government cannot deliver this alone. This is a new way to help councils to do their bit to support new homes for key workers and families in their areas," she added.

Traditionally, local councils lost control of how land was developed once it was sold but this new scheme aims to give power back to the councils by allowing them a say.

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