Wed 14 May 2008
PM pledges more help for housing market
In the Queen’s Speech today, Prime Minister Gordon Brown outlined his legislative programme for the housing market.The PM pledged to offer more support for the housing market, with the setting up of a £200 million fund to buy unsold new homes and rent them to social tenants or make them available on a shared ownership basis.
He also said that he’d assist more first-time buyers to purchase newly-built homes on the open market, by ensuring that an additional £100m would be made available to shared equity schemes.
Additionally, a proposal has been made to give the Bank of England greater flexibility to respond to credit market conditions by allowing short-term non-disclosure of liquidity assistance. This is sure to go down well with lenders.
However, Brown has been criticised by some for belittling the role of the monarch and the relevance of the State Opening of Parliament in November. But the government has defended its decision to announce proposed measures earlier to allow consultation over the summer, resulting in a more concrete Queen's Speech.
The Council of Mortgage Lenders welcomed today’s announcement in the government’s draft legislative agenda of plans to provide more help for first-time buyers, in particular the widening of access to shared equity schemes.
In a statement the CML said: “The government’s announcement on shared equity means that its approach is now more logical, providing help based on the income rather than the occupation of buyers. It will remove an anomaly by which providing help for one group of less well-paid workers makes access to home-ownership more difficult for others earning similar salaries but working in different jobs.”
Posted by Marc Da-Silva
in Bank of England, Council of Mortgage Lenders, Gordon Brown, News on Wed 14 May 2008
PM pledges more help for housing market
Commments:-
HERE EAR HEAR ... IT’S ABOUT TIME THE GOVERNMENT OBSERVED & SHOWED FLEXIBILITY TO ADAPTING WITH THE LONG TERM CLIMATE CHANGE IN HOUSING
(Nigel Guy)
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