Halifax and Persimmon team up in bid to double the deposits for first-time buyers

Halifax has teamed up with housebuilder Persimmon Homes to offer first-time buyers assistance to get on the property ladder.

Under the 'double your deposit' scheme, Persimmon has offered to match the deposit of first-time buyers buying one of its new properties, if they have made regular deposits into a savings account with Halifax or Bank of Scotland for a minimum of six months.

Persimmon says it will match deposits of up to £5000, thereby doubling it to £10,000, if they are saved up in this manner.

Mike Bottomley, national new-build manager for Halifax, said: "This is a great deal for first-time buyers. By opening a new Halifax account and saving regularly, potential home owners are planning for the financial commitment of buying their first home. Doubling their deposit in this way should be a major incentive for first-time buyers."

Colin Parkin, managing director for Lincoln-based Ample Financial Services, described the scheme as a "gimmick" saying that house builders had been left with huge numbers of unsold properties in the current climate. However, he conceded that the scheme may play a role in restarting the UK's depressed housing market.

He said: "This is a positive, but you need to put this in context. Persimmon are not doubling deposits, they are merely skimming off their profits. Halifax is also looking to improve their position in the market.

"We are going back to the old days where you need to have at least 10 per cent deposit to buy a property and this is no bad thing."