Categories:Real Estate,UK

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

If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.

Briefings from Shoosmiths

View more briefings from Shoosmiths

Analysis from The Lawyer

  • Hester: declined bonus worth almost £1m

    Pay checks

    Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future

  • high street 150

    Focus: Alternative business structures - Law and new order

    There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…

Overview

2 Colmore Square
38 Colmore Circus Queensway
Birmingham
B4 6BJ
UK
http://www.shoosmiths.co.uk

Turnover (£m): 87.00
No. of Lawyers: 373