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Danny Alexander: 'Housing market has to be opened up'

Banks have begun to unveil mortgages which they will offer under the expanded Help to Buy scheme.

The government's initiative is designed to enable buyers who can afford only small deposits to buy a home.

Danny Alexander, Chief Secretary to the Treasury, told the Today programme's Evan Davis that the plan would help people who cannot afford the big deposits sought by banks which are still wary after the financial crisis.

"I don't think our housing market should be shut for people who aren't lucky enough to have wealthy parents who can pay their deposit, or have accumulated all the assets to pay a 25 or 30% deposit," he said.

"Our housing market has to be opened to a wider range of people."

First broadcast on BBC Radio 4's Today programme on Tuesday 8 October 2013.

Go to next video: Second phase of Help to Buy launched