March 16, 2014 / 10:11 AM / 3 years ago

UK to extend plan to boost new home-building until 2020-Osborne

1 Min Read

LONDON, March 16 (Reuters) - British finance minister George Osborne said on Sunday he wanted to extend until 2020 a programme which encourages the building of new homes.

"I want to extend the Help to Buy scheme for newly built houses. It was going to end in 2016. We are now going to extend it for the rest of the decade. That would mean 120,000 new homes," Osborne told BBC television.

Under the original part of Britain's Help to Buy Scheme, buyers of newly built homes worth up to 600,000 pounds ($997,700) can seek equity loans from the government.

Osborne, talking ahead of a budget statement on Wednesday, also said the government had plans for a new garden city close to London to help provide more homes for the region.

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