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by administrator @, Thursday, April 26, 2012, 08:49

The boxed-in generation - people unable to upsize their home but who have also outgrown their first property - will for the first time benefit from support to help them move up the housing ladder, Housing Minister, Grant Shapps has said.

In a speech to housebuilders, he argued that a generation of first time buyers and families with children are unable to do what their parents did and move homes as their needs grow. A survey from found that almost a third of parents find their current home is too small to accommodate their family - rising to 40% for younger families where the parents are aged between 18 and 34.

Mr Shapps said that for the first time, these overlooked owners will now get the help they need to move from their current abode to a new address - through the NewBuy Guarantee - while also freeing up properties suitable for aspiring first time buyers.

The NewBuy Guarantee is not confined to first-time buyers but is designed to help anyone looking to buy a newly-built property - and is expected to help up to 100,000 prospective and current homeowners.

Through this innovative new scheme, instead of a typical buyer requiring a £40,000 deposit to buy a £200,000 home, they will now only need £10,000. The scheme - which had its first sale this week - is available for homes of up to £500,000.

Grant Shapps said: "For years increasing numbers of people have outgrown their homes but been unable to move, and first-time buyers have been unable to buy.

"They know who they are. Hardworking people who bought their home when they were single, maybe met someone, fell in love and now have a couple of kids. They expected to trade up - because that's what their parents were able to do. But now they're boxed-in, home outgrown. Stuck in a flat, when really want they want is a family home.

"The NewBuy Guarantee will give our second-time buyers a second chance, as this is the first scheme of its kind not confined to first time buyers, but available to anyone looking to buy a newly-built home. We don't want Britain to be a place of housing have nots, we want people to have room to grow. The NewBuy Guarantee will do just that."

Home Builders Federation Executive Chairman, Stewart Baseley said: "Reducing the deposit needed for a new home to an affordable level is a fantastic opportunity for many people who have been for too long frustrated. It will also open up the market, creating work for house building companies large and small and boost the economy as a whole."

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