The Independent: "5% deposits bid to aid homebuyers "

Link to The Independent

"The NewBuy scheme is forecast to help as many as 100,000 people locked out of the property market by heralding the return of 5% deposits rather than the 20% typically demanded by lenders since the credit crunch.

"But Jonathan Samuels, chief executive of Dragonfly Property Finance, said the scheme 'smacks of desperation', adding:

"The property market will come back when it is ready to come back, and schemes like this are mere tinkering around the edges. If the Government thinks this scheme will kickstart the property market, then it is in Cloud Cuckoo Land."