Britain's first-time-buyer bonus lifts house builders

LONDON (Reuters) - Britain announced it would top up first-time buyers' savings to help them buy a home on Wednesday, building on the success of its "Help to Buy" equity loan scheme that has boosted the property market since it was unveiled two years ago. Chancellor George Osborne said the government would pay a bonus of 50 pounds ($73) on every 200 pounds saved in its "Help to Buy Individual Savings Account", with a maximum bonus of 3,000 pounds available. "We do it to tackle two of the biggest challenges facing first time buyers – the low interest rates when you build up your savings, and the high deposits required by the banks," Osborne said in his final budget before a national election on May 7. The move, which will cost about 2.2 billion pounds in the period to 2019-2020 according to government figures, boosted the share prices of house builders. Taylor Wimpey and Redrow were both trading up 2.3 percent at 1441 GMT, while Barratt Developments and Bovis Homes Group rose 1.3 percent and 1.4 percent respectively. (Reporting by Paul Sandle; Editing by Mark Heinrich)