The British Prime Minister, Gordon Brown, yesterday announced a £200 million Housing Corporation fund for Registered Social Landlords (RSL) to buy up private sector homes, and a further £100 million to extend the existing shared equity HomeBuy Scheme to all first-time buyers, with household incomes below £60,000. The scheme was previously only available to key workers, such as teachers and nurses.
first time home buyer assistance
The new measures come as the Government faces up to the dramatic slowdown in the house building industry, as the full impact of the credit crunch continues to deepen. In addition, the Government’s new homes target looks increasingly impossible as the industry begins to downsize, as builders announce plans to stop work on all new schemes.
Stewart Baseley, executive chairman of The Home Builders Federation in response to the Government’s statement said,
“It’s a drop in the ocean. Whilst welcoming any measures that may boost the housing market, today’s announcement is not enough.”
What is becoming clearer from the Government’s intervention to date, is its strategy of encouraging the banking markets, money markets and mortgage markets to sort themselves out, without too much ‘interference.’
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