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LATEST NEWS & EVENTS Budget 2011: Deposit scheme to help first-time buyers  The residential property conveyancing sector can expect a lift in the coming months after the chancellor unveiled plans to help people get on the housing ladder. Delivering his budget address, George Osborne announced a new £250 million assisted deposit scheme to be funded by the bank levy. Loans worth up to 20 per cent of the value of a property will be made available to households earning less than £60,000 a year and who want to buy a new-build house. The chancellor said the scheme will assist up to 10,000 families to buy their first home. "A new shared equity scheme, First Buy, will be available for first-time buyers who want to purchase a newly built property, but who cannot afford the high deposits," he stated. The loans will be interest-free for five years and will only have to be repaid after the house is sold. It comes after the Council of Mortgage Lenders reported that the number of first-time buyers has slumped from 600,000 a decade ago to under 200,000 last year. Posted by Georgina Price 
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