PM brings forward Help To Buy

I think the fact that the Labour conference did go down well - especially that plan to freeze energy bills - could have something to do with this Help To Buy scheme being rushed forward.

Both policies are eye-catching, populist and also quite controversial.

There are plenty of voices, not least the Business Secretary Vince Cable, who are concerned about the possibility of this causing a housing bubble.

But as the election gets closer, the Conservatives are less concerned about keeping the Coalition relationship sweet.

Earlier today, the Prime Minister also poured cold water all over the Liberal Democrats' plan for a Mansion Tax.

The Prime Minister knows he has to address concerns at the cost of living at this conference and he thinks helping people who are struggling to buy their own homes might just do that.

David Cameron has promoted the Help to Buy scheme on Twitter with a picture of himself with two new homeowners, who he said will be moved in by Christmas thanks to the mortgage assistance.

Prime Minister David Cameron has said that bringing forward the state-backed Help to Buy scheme is good news as it will stop people's home buying aspirations being "trashed".

He told the BBC's Andrew Marr show: "As Prime Minister I'm not going to stand back while people's aspirations to get on the housing ladder, to own their own flat, to own their own home are being trashed.

"That's why we need to act", he added.

Courtesy of BBC's The Andrew Marr Show

Chancellor George Osborne has announced on Twitter that several banks have backed the Government's state-backed Help to Buy mortgage scheme.

Read: Your views of Help to Buy scheme

MPs have had a mixed reaction to the Prime Minister's decision to bring forward the state-backed Help To Buy scheme to next week:

Skills Minister Matthew Hancock:

Labour MP Jonathan Reynolds disagreed:

Conservative MP for Mid Bedford Nadine Dorries wrote:

David Cameron should bring forward investment to build more affordable homes instead of introducing the Help To Buy scheme, the shadow chancellor said today, after the Prime Minister confirmed that it would be introduced next week.

Ed Balls said: "Unless David Cameron acts now to build more affordable homes, as Labour has urged, then soaring prices risk making it even harder for first time buyers to get on the housing ladder.

"The Bank of England should immediately review the details of the scheme now before they are set in stone, rather than wait a year. "

State-backed mortgages to help increase home ownership will be introduced next week - three months earlier than planned, David Cameron has confirmed.

We asked ITV News' Facebook followers what they thought of the move and here is a few of their views:

David Cameron has announced he will bring forward the state-backed Help To Buy scheme to next week, three months earlier than planned.

What does this mean?

• The mortgage guarantees will allow buyers to acquire a newly built home or an existing property worth up to £600,000 with a deposit of only 5%.

• The scheme aims to boost mortgage availability by reducing the risk for lenders because the Government takes on the risk of default when it guarantees a proportion of a loan.

• It will see the state offer guarantees totalling up to £12 billion on £130 billion of high loan-to-value mortgage lending.

Read: What is the 'Help to Buy' housing scheme?

David Cameron has said he will not "stand by" as young people fail to get on to the housing ladder. The Prime Minister told The Sun that he would bring the state-backed Help To Buy scheme forward to next week.

Speaking to The Sun, David Cameron has said there is an immediate "need" to bring forward state-backed mortgages through the Help To Buy scheme.