George Osborne
Media playback is unsupported on your device

Help to Buy not for second homes, says George Osborne

The chancellor says the second stage of the Help to Buy scheme, aimed at enabling more people to buy properties, will be closed to second home buyers.

George Osborne has called house builders and mortgage lenders to a meeting to discuss the details.

The first phase of the scheme was launched four months ago and provides equity loans for buyers of new homes.

From January 2014, it will be extended to help buyers of existing homes.

Go to next video: RICS: Help to Buy scheme 'right thing'