Insurance News Archive
Government to help first-time buyers
The efficacy of a government scheme to help first time buyers could be set to improve, if suggestions from an official report are heeded.
The National Audit Office (NAO) has said that the Department for Communities and Local Government's Low-Cost Home Ownership scheme is not doing enough to help those most in need of the allowance.
The report claims that of the 60,000 people who have asked for monetary help in the past year, only 11,000 received it.
Sir John Bourn, head of the NAO, explained that some 4,000 extra people could receive assistance each year with more efficient management of resources.
"Low cost home ownership assistance has helped thousands to take their first step onto the housing ladder," he commented.
"But, to ensure that as many other households as possible get the chance to do the same, the assistance needs to be more tightly managed and better focused on those it would benefit most."
Since the scheme began in 1999, it has helped some 40,000 get a foot on the property ladder.
14 Jul 2006