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David Cameron brings forward Help to Buy scheme David Cameron brings forward Help to Buy scheme
(35 minutes later)
A controversial scheme allowing people in England to take out 95% mortgages will be launched next week - three months earlier than planned.A controversial scheme allowing people in England to take out 95% mortgages will be launched next week - three months earlier than planned.
PM David Cameron made the announcement as the Conservatives gathered in Manchester for their annual conference.PM David Cameron made the announcement as the Conservatives gathered in Manchester for their annual conference.
He rejected fears the Help to Buy scheme will fuel a housing bubble.He rejected fears the Help to Buy scheme will fuel a housing bubble.
He told the BBC's Andrew Marr show the market was "recovering from a very low base" and first time buyers needed help to get on the housing ladder. He told the BBC's Andrew Marr show the market was "recovering from a very low base" and first-time buyers needed help to get on the housing ladder.
"As prime minister I am not going to stand by while people's aspirations to get on the housing ladder are being trashed.""As prime minister I am not going to stand by while people's aspirations to get on the housing ladder are being trashed."
He added: "If we don't do this it will only be people with rich parents to help them who can get on the housing ladder - that is not fair, it is not right."He added: "If we don't do this it will only be people with rich parents to help them who can get on the housing ladder - that is not fair, it is not right."
'Trust''Trust'
He rejected concerns - raised by Business Secretary Vince Cable among others - of an unsustainable boom in house prices, particularly in the south-east of England.He rejected concerns - raised by Business Secretary Vince Cable among others - of an unsustainable boom in house prices, particularly in the south-east of England.
The prime minister urged people to "trust" the Bank of England, which has been given an enhanced role in monitoring the effect of the scheme on prices.The prime minister urged people to "trust" the Bank of England, which has been given an enhanced role in monitoring the effect of the scheme on prices.
And he said mortgage-lenders, including the Halifax, RBS and Nat West, had already signed up to the scheme. And he said mortgage-lenders, including the Halifax, RBS and Nat West, had already signed up to it.
The first phase of Help to Buy, which applied to the purchase of new homes only, was launched earlier this year. Mr Cameron also used his Andrew Marr interview to stress that there would be no "mansion tax" if he his prime minister after the next election, making it clear that this would be a so-called "red line" - a point he would refuse to concede - in coalition negotiations.
Under the second phase, which was due to launch in January, the government will guarantee 15% of a mortgage on any property worth up to £600,000, allowing lenders to provide up to 95% mortgages at reduced risk. A property tax on more valuable homes - known as a mansion tax - is a key demand of the Liberal Democrats.
In other developments:
Mr Cameron admitted to mistakes in the way the government handled the gay marriage issue, saying: "I don't think I expected quite the furore that there was."
He said he understood and respected people's difficulties with the policy and said the government had failed to convey the fact the policy would not affect what happened in churches, mosques and synagogues.
'Build more homes'
The Conservatives will use their week in Manchester to unveil a series of policies aimed at showing they are "on the side of hard working people". Other policy announcements are set to include a crackdown on welfare payments and an expansion of free schools.
Under the second phase of the Help to Buy scheme, which had been due to launch in January, the government will guarantee 15% of a mortgage on any property worth up to £600,000, allowing lenders to provide up to 95% mortgages at reduced risk.
If financial institutions are asking for a 20% deposit, the government will guarantee 15% of the mortgage, allowing for deposits as low as 5%.If financial institutions are asking for a 20% deposit, the government will guarantee 15% of the mortgage, allowing for deposits as low as 5%.
Applications for loans for the scheme will now be brought forward to 7 October but the loans wont be paid out until 1 January, so anyone hoping to complete on their home purchase using the second phase of Help to Buy scheme before 2014 will not be able to. Applications for loans from the scheme will now be brought forward to the week beginning 7 October but the loans will not be paid out until 1 January. Anyone hoping to complete on their home purchase using the second phase of Help to Buy before before 2014 will not be able to.
House prices rose at their fastest rate in more than six years in September, according to property analysts Hometrack. The first phase of Help to Buy, launched earlier this year, only applied to the purchase of new properties.
The report follows similar findings from Nationwide building society last week, which reported evidence that the market pick-up "is becoming increasingly broad-based".
Adam Marshall, of the British Chambers of Commerce, said: "With all the concern expressed about Help to Buy - rushing into it seems less than responsible on part of government."Adam Marshall, of the British Chambers of Commerce, said: "With all the concern expressed about Help to Buy - rushing into it seems less than responsible on part of government."
Affordable homes House prices rose at their fastest rate in more than six years in September, according to property analysts Hometrack.
Responding to the announcement, Labour's Ed Balls said: "Rising demand for housing must be matched with rising supply, but under this government house building is at its lowest level since the 1920s. Labour said the government needed to build more houses to ease shortages.
"Unless David Cameron acts now to build more affordable homes, as Labour has urged, then soaring prices risk making it even harder for first time buyers to get on the housing ladder. "Unless David Cameron acts now to build more affordable homes, as Labour has urged, then soaring prices risk making it even harder for first time buyers to get on the housing ladder," said Shadow Chancellor Ed Balls.
"You can't deal with the cost of living crisis without building more homes, so it's no wonder that for millions of families this is no recovery at all." "You can't deal with the cost of living crisis without building more homes, so it's no wonder that for millions of families this is no recovery at all.
Elsewhere, new guidelines to be announced at the conference in Manchester will scrap the giving of police cautions for rape, manslaughter, robbery, child sexual abuse and other serious offences. It comes as a poll of more than 1,400 Conservative councillors in England and Wales for BBC One's Sunday Politics suggested nearly a quarter would support an electoral pact with the UK Independence Party (UKIP) at the next general election.
The Tories said the move would stop offenders who commit such crimes ending up "with just a slap on the wrist"
In other developments:
A Tory source said: "80% of our councillors didn't respond to this survey so it's hardly representative. It should be taken with a large pinch of salt."A Tory source said: "80% of our councillors didn't respond to this survey so it's hardly representative. It should be taken with a large pinch of salt."
In an interview with the Sunday Telegraph, Mr Cameron insisted he was "not chasing off to the right". Tens of thousands of people are expected to attend a trade union protests march and rally in Manchester against government austerity policies, particularly those affecting the NHS.
"I'm very firmly anchored where I have always been," he said. "Yes, I want to win back voters from UKIP."
Swing voters
Meanwhile, proposals for tax breaks for some married couples and civil partners have come under attack from both Labour and the Liberal Democrats.
Mr Cameron said introducing tax breaks would mean four million married couples and civil partnerships - those paying lower tax rates - could be up to £200 a year better off from April 2015.
Defence Secretary Philip Hammond also announced plans to offer interest-free home loans to armed forces personnel.
Other policy announcements are set to include a crackdown on welfare payments and an expansion of free schools.
On the eve of the conference, BBC political correspondent Iain Watson said the Tories would be trying to convince swing voters that they should be the party of choice for hard-working families.
The conference will open on Sunday with a tribute to former Prime Minster Baroness Thatcher, who died aged 87 in April, and close with Mr Cameron's keynote speech on Wednesday.The conference will open on Sunday with a tribute to former Prime Minster Baroness Thatcher, who died aged 87 in April, and close with Mr Cameron's keynote speech on Wednesday.