Budget housing boost

Published:  23 March, 2011

LONDON: The chancellor George Osborne is expected to announce a £250m package to help 10 000 first-time buyers purchase newly-built homes.

Under the plan agreed with house builders, buyers provide 5% of the cost of a new home, while the government and builder together put up 10%.

Other widely flagged measures include more relaxed planning rules around the change of use of buildings to housing.

The chancellor begins his budget speech at 12.30 today.

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