Up to 1.7 million people – a third of all those planning to buy a home over the next year – intend to use the second phase of the government’s Help to Buy scheme, according to the Daily Telegraph.
Though Lloyds and RBS have said they will operate the scheme, they have not yet released details of their offers, while other lenders are not likely to join until next January at the earliest. The scheme will enable buyers to proceed with just a 5% deposit, with the government providing insurance to protect lenders from any loss on the transaction.