March 27, 2011 19:01 ET

Swinton Welcomes Budget That Helps First-Time Buyers

MANCHESTER, UNITED KINGDOM--(Marketwire - March 27, 2011) - The Chancellor has provided some much needed help for first time buyers, as last week's budget announced plans to offer interest free loans for deposits on new homes.

The loans which are applicable for new builds are only available to households earning under £60,000 and are interest free for five years.

Swinton, the UK's leading high street retailer of building and contents insurance, welcomes this latest step in helping first time buyers get a foothold on the housing ladder, as an online survey of 1200 respondents found 96% thought it was too difficult to buy a first home and 72% thought there wasn't enough help out there for first time buyers.

The move comes as the number of first time buyers has collapsed from 600,000 to 200,000 a year*. Mr Osborne is hoping that by earmarking £250m for the scheme he will push this figure up whilst also stimulating the construction industry as more people take up the offer and the demand for new homes increases.

Steve Chelton, Insurance Development Manager for Swinton Home Insurance, said: "This is great news for a market that has struggled with the drastic increase in the price of homes and will hopefully stimulate a crippling housing market. Anyone thinking of buying a first home also needs to make sure they have adequate buildings insurance and make sure they search for a quote tailored to their needs".

* http://www.dailymail.co.uk/news/article-1369117/Budget-2011-First-time-buyers-loans-George-Osborne-tries-revive-UK-housing-market.html?ito=feeds-newsxml

For more information contact Jonathan Brook, Caroline Eardley or Mairead Rodden at Manchester PR agency SKV Communications on 0161 838 7770.

About Swinton
  • With 603 branches nationwide Swinton is the UK's largest high street insurance retailer

  • Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community

  • Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance

  • With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

Contact Information