NewBuy mortgage scheme: Buyers 'should be wary'

First time buyers hoping to get on the housing ladder under the government's NewBuy scheme should careful they do not "bite off more than they can chew", a property expert has warned.

Speaking to the BBC, Henry Pryor expressed concern that "anything that artificially props up house prices... stores up trouble for tomorrow".

Under the scheme the construction industry and taxpayers will act as co-guarantors on new homes bought by existing or first-time buyers.

He said that it was an "interesting and exciting initiative" to try and get property developers building again, but that potential buyers needed to take a long-term view when considering getting on the housing ladder.