With Cheltenham rained off until tomorrow we thought we would have a quick listen into today’s activity at the House of Commons, and what do you know - IT’S BUDGET DAY. Making his first Budget speech to the House, Chancellor Darling outlined the following with reference to the housing and property sector. He said:
- ‘The Government will spend £8 billion on new, affordable and social housing over the next 3 years. This will enable the Housing Corporation to deliver 70,000 affordable new homes each year by 2010/11
- From this April, key workers and first time buyers will be able to borrow money from new shared equity schemes
- Stamp duty on shared ownership homes will not be required until buyers own 80% of the equity in their home
- Following today’s publication of the review of housing finance in the UK, the Government will seek how they can deliver the right framework for the UK to achieve affordable, long-term fixed rate mortgages. The Chancellor will report back at the Pre-Budget Report
- The Government is committed to building 3 million more homes by 2020. Sites for 70,000 more homes have been identified’.
Come back soon for the fall out and reaction to the Budget…
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