Chancellor George Osborne has announced London Help-to-Buy, aimed at helping people in the capital get a loan to help them buy a home.
Along with this, the chancellor said Help to Buy shared ownership will relax the rules around shared ownership, ensuring more people can take advantage of the scheme.
Read more: Osborne to double government housing budget
Here's what we know about the Help-to-Buy schemes:
- Londoners with just a five per cent deposit will be able to get an interest-free loan worth up to 40 per cent of the value of a newly built home. People then need to get a mortgage of up to 55 per cent to cover the rest.
135,00 Help to Buy shared ownership homes will be built.
The announcements come on the same day the chancellor said there will be a three per cent increase in stamp duty for buy-to-let properties and second homes, and revealed he would double the national housing budget.