Chancellor fleshes out details of scheme unveiled last month to help 70,000 households on to the property ladder

• Nils Pratley: Labour’s modest reheat of help to buy is worth a try

A new £4.7bn government scheme will help 70,000 households on to the property ladder and save first-time buyers “hundreds of pounds a month”, the chancellor, John Healey, said on Wednesday.

Last month, Andy Burnham announced Your First Home, which aims to give a helping hand to first-time buyers in England who do not have access to the “bank of mum and dad”, and Healey revealed in his first budget how the scheme would work, including who would be eligible.