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Boris £5bn plan a third off for first-time buyers

The Prime Minister today announced how he intended to boost the economy with a huge £5billion plan. Boris Johnson revealed the news to the nation as he promised to help Britain “build, build, build” its way out of the coronavirus crisis. The new plan included a lifeline for first time trying to get on the property ladder.


Finances have been hit hard by the pandemic, with thousands furloughed and the property market having to close during the peak of the lockdown.

However, it was recently reopened, which has allowed to get back on the move – though it’s thought the of the market as Britons flock to move this year could be short lived.

There have been warnings of a huge recession, and the Prime Minister has laid out his plans to get the country back on track.

The UK has been one of the worst hit by the pandemic, with fears of a second wave.

READ MORE: Boris Johnson unveils latest £5bn coronavirus recovery plan

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Property UK: today announced a huge package to boost the property market (Image: Getty Images)

The new plan will speed up the arrival of the First scheme (Image: Getty)

However, has dubbed the new plan “Project Speed”, as he planned to fast-track £5billion of spending to give the country a boost.

He said: “We will build the , fix the NHS, solve social care, to tackle the skills crisis, to mend the indefensible gap in opportunity, productivity and connectivity between the regions of the UK.To unite, and level up.

“To that end, we will build, build, build. Build back better, build back greener, build back faster.”

revealed that there would be £12billion of funding for a new plan that will support up to 180,000 new affordable for ownership and rent over the next eight years.

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Part of the plan includes accelerating the pilot of its First scheme, which offers a 30 percent discount on thousands of to first time

He said that the “Project Speed” plan will mean that new building rules will allow empty buildings to be transformed into new without the red tape, to get moving faster. 

The property industry has welcomed the news. Managing Director of estate agent Barrows and Forrester, James Forrester, commented: “Today’s announcement by the Prime Minister is a rallying call to commerce, industry, the property sector and finance, to piggy-back his huge spending plans and literally put Britain back together again.  

“We seem set to spend our way to fiscal health and to ensure, in particular, that there is finally a genuine home-building revolution to match similar investment intentions in the transport, education and health sectors.  

“What a welcome relief this is and at just the right time.”

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The plan will help first time get on the ladder (Image: Getty)

said that the plan will help young people to get onto the property ladder.

“We will build fantastic new on brownfield sites and other areas, with better transport and other infrastructure, that could be suitable and right for development,” he said in his rallying speech.

“We will address that intergenerational injustice and help young people get people the housing ladder the way their parents and grandparents could. We will build better, we will build greener, and faster.”

The First scheme means that the discount remains with the property, so that once it is sold, the next also benefit from the discount.

The most affordable places to live in the UK (Image: Express)

However, some property experts have shared their concerns that there is nothing for the older generations in the new deal.

“Reforming the planning system to encourage long-term investment in retirement communities would allow the UK to finally start meeting the housing needs of people in later life. This would offer choice to those who want to downsize, enable older people to lead healthier lives for longer by reducing pressure on health services, and kickstart the housing market by freeing up family .”

Despite this, the Prime Minister vowed that he had no intention of bringing back years of austerity in order to cope with the crash.

“We cannot continue simply to be prisoners of this crisis,” added.

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