The scheme also looks set to benefit “second-steppers” with 24% of this group saying they would be more likely to purchase over the next 12 months.
Miles Shipside, director of Rightmove, said: “NewBuy looks set to give a significant housing boost to the fortunes of those who need it the most. We’ve found that raising a deposit has long been the major obstacle for those looking to purchase a new home at the foot of the housing ladder.
“NewBuy helps address this challenge and we’ve found that the knock-on effect is that, as of today, nearly two in five first-time buyers will be more likely to getting on the housing ladder via thanks to this initiative.”
The NewBuy scheme allows for potential home buyers to purchase a newly built property with a 95% loan to value mortgage with the government and builders as co-guarantors.
Properties must be under the value of £500,000 and the scheme is only available in England.
Shipside added: “First-time buyers and second-steppers have long been frustrated in their efforts to get onto or move up the housing ladder by prohibitive deposit requirements.
“Four out of 10 first-time buyers cited “raising enough of a deposit” to be their single biggest housing market concern in our recent first-time buyer report.
“NewBuy opens the door to these groups and can also serve as a great stimulus to help safeguard and create jobs in the new build property sector.”
Rightmove surveyed 2,726 home movers between 5 March 2012 and 7 March 2012.
