Halifax and Persimmon are offering first-time buyers the chance to double their money to get on the housing ladder - if they can save up to £5,000.

Under the terms of the deal, Persimmon will stump up an amount equal to however much a first-time buyer saves in a Halifax instant access account to a maximum of £5,000. This will give buyers the chance to put as much as £10,000 towards their first deposit, provided they use it to buy a Persimmon home.

The offer comes as the Government moots plans to temporarily scrap stamp duty for first-time buyers to rekindle the housing market.

Aspiring homeowners have been effectively barred from the housing ladder over recent months by ultra-strict lending rules that have made it almost impossible to get a home loan without a deposit worth at least 10 per cent of the property's value, or about £15,000 on a typical first-time buyer property.

Even with a deposit of this size, buyers are being forced to pay excessive interest rates. Only those who can afford to fork out 25 per cent of a property's value will receive the best deals available from lenders.

Banks have been especially circumspect about lending on new-build properties over recent months, as these have been viewed as most susceptible to a downturn.

Prices of one and two-bedroom flats - the type of homes aimed at first-time buyers, have since plummeted as a result. But buyers have been unable to take advantage of the lower prices, forcing house builders to offer significant discounts and incentives to shift their stock.

Last month Persimmon said it has shed about 2,000 jobs since the start of the year, including 1,100 office jobs and 900 site-based jobs. It blamed the downturn in the housing market on low confidence as customers struggle to get mortgages.

Yet analysts said that Persimmon was "less exposed" than its competitors to declining prices. Tom Gidley-Kitchin, of Charles Stanley Securities, said: "Of any of the companies desperate to shift stock, Persimmon is arguable the least desperate, and the least exposed."

Experts said that the deal would be of limited help to first-time buyers.

On a £100,000 property, a £10,000 deposit would qualify buyers for a mortgage with most lenders. However, on a property worth £200,000, the £10,000 would contribute just 5 per cent of the value, which would restrict the borrower to just a handful of lenders.

Halifax offers buyers with a 5 per cent deposit an interest rate of 7.64 per cent for a five-year fixed deal. On a £200,000 loan, monthly repayments on this deal would cost £1,122 a month.

Melanie Bien, of Savills Private Finance, the broker, said: "While a potential £5,000 for nothing is welcome, £10,000 won't get you very far. Lenders have restricted their LTVs on new build even more so than on mainstream residential lending so you will need a significant deposit. You are also restricted to a Persimmon home."

Ray Boulger, of John Charcol, another broker, said: "Unless a borrower has a 10 per cent deposit, they won't get a very good rate. The offer is likely to help towards the deposit but is unlikely to be enough help in itself, without extra help from parents."

Halifax said that it would not guarantee that it would offer the buyer a mortgage. The customer must make regular deposits for a minimum of six months. Customers must open a savings account with Halifax before January 1 2009 and before July 1 2010 to qualify.