Barratt Developments chief executive Mark Clare has described the Chancellor’s initiative to help first-time buyers get onto the property ladder as “exactly the tonic the housing market needed.”

He said: “It will give young people in their 20s and 30s renewed hope of buying their own home with a deposit of just a few thousand pounds – precisely the opportunity which their parents’ generation took for granted.

“We also welcome the on-going commitment to cut the cost of regulation; to bring forward more public sector land for sale; and the assistance announced for institutional investors who want to invest in the residential property market.”

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