David Pretty, chairman of the New Homes Marketing Board (NHMB), has urged government to set up a national home deposit savings scheme, enabling first time buyers to save for a deposit, legal fees and removal costs. Pretty proposed the scheme earlier this year, at the time receiving little response, but according to reports chancellor Alistair Darling is now considering the plan. However, the NHMB is calling for immediate action to implement the plan, in order to ease the plight of first time buyers in the current market and improve liquidity. Pretty explained that the scheme would grant first time buyers up to five years to raise a maximum of £20,000. At this level they would receive a 25% bonus, allowing them a maximum total of £25,000 to use towards a new home and associated costs, such as stamp duty. <br><br>On reaching the maximum target, the customer could begin the process of buying their first property, and would receive the 25% bonus on completion. “A savings scheme focused on first time buyers has attraction,” Pretty explained. “It may not be easy – first timers would need to make payments every month into an account, but the benefits would be the £5,000 …