Budget 2013: UK government looks again at housing supply
In his March 2013 Budget statement, Chancellor George Osborne announced various measures targeted at promoting growth and addressing some of the structural issues with housing supply and accessibility. The detail has still to be fleshed out, but points to note are:
- building on demand for First Buy, a further £3.5 billion available through Help to Buy (equity loan), allowing buyers to purchase homes valued up to £600,000 on a shared equity basis of up to 20%
- making Help to Buy more widely available than First Buy, shifting eligibility from first-time buyers with an income cap of £60,000 to include those moving up the ladder, and also removing that income cap
- introducing a £12 billion Help to Buy (mortgage guarantee) scheme for three years from January 2014, to provide state guarantees to lenders for buyers with 5-20% deposits, whether first time buyers or existing home owners, without income caps and for properties valued up to £600,000
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