The managing director of one of the South Midland's leading housebuilders has welcomed yesterday's statement by the Government detailing plans for the introduction of the NewBuy mortgage guarantee product.

Richard Oldroyd, managing director of Persimmon Homes South Midlands, said the new mortgage indemnity scheme would help buyers in to the property market, could potentially create thousands of jobs in the industry and will help stimulate the economy.

Richard said: "For many years the housing market has been held back because buyers have been unable to raise the 20 to 25 per cent deposit that lenders require.

"This scheme will provide a much needed shot in the arm for the whole housing sector, enabling people to buy a newly built home with a deposit of as little as five per cent, benefitting both first time buyers and those looking to move up the housing ladder."