Nearly half of a £180m government fund for new homes has gone to the UK's four biggest housebuilders. Barratt, Persimmon, Taylor Wimpey and Bellway won nearly £87m of the funding allocated to the Homes and Communities Agency's (HCA) "FirstBuy" scheme to boost housing demand. Under the scheme, first-time buyers will be able to obtain a loan worth 20% of the price of a home. The loan will be jointly funded by the HCA and the housebuilder. A buyer would repay the loan when they sold the property, and the lenders would take their share of the rise or fall in the value. It is hoped that the scheme will assist about 10,500 buyers.
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