Barratt appeals for easier mortgages to buy new homes

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Banks and building societies traditionally demand higher deposits for new-build homes than second-hand homes.

Santander, the UK's second largest mortgage lender, today raised the amount it will lend to first-time buyers who want new houses from 80 per cent of the property's value to 90 per cent — cutting the size of the deposit in half.

Barratt chief executive Mark Clare said: "This is a move in the right direction. Our hope is that other lenders will follow suit. Further recovery in the new housing market will depend on the availability of higher loan-to-value mortgages."

Barratt posted a first-half loss of £178.4 million for the six months to 31 December having reported a deficit of £594.5 million a year ago.

Demand continued to recover and prices were on the rise — particularly in London where Clare expects completed sales to rise sharply in the second half.

Clare said: "London is the strongest market by far. Demand has come back much faster and the shortage of supply is much more acute in the capital."