Prime Minister Rishi Sunak wants to reintroduce the Help to Buy scheme so hard-up renters can climb onto the housing ladder, according to reports.

The programme which gave first-time buyers an interest free loan to help them meet the asking price for a property, was ditched in October last year.

But it seems the Government may bring it back ahead of a General Election as in incentive for tenants to escape spiralling rents.

We cannot go into the next election without an offer for first-time buyers.”

A support scheme for new buyers is “back on the table”, and could be included in Chancellor Jeremy Hunt’s autumn statement, according to The Times.

“We cannot go into the next election without an offer for first-time buyers,” one minister said.

It has also been suggested that Help to Buy could be extended from new build properties to all homes.

Urgent need

News of a new version of Help to Buy came as the Home Builders Federation said there was an urgent need of extra support for first time buyers.

And five out of 10 potential first-time buyers doubt that they will ever be able to buy in the face of the cost-of-living crisis, a report from Leeds Building Society revealed.

Labour has promised a ‘new deal for first-time buyers’ including no stamp duty on the first home, a guarantee of ‘first dibs’ on new homes built in the area, and 100,000 discount ‘firstbuy homes’.