15
May
Prime Minister announces new housing legislation
Prime Minister Gordon Brown has discussed new housing legislation
that will be formally announced in the Queen's Speech later this
year.
He revealed that the government intends to spend £200 million
buying up unsold new homes, some of which will be rented out to
low-income tenants, while others will be sold to first-time buyers
under shared equity schemes.
All first-time buyers with an income of less than £60,000 will
also be given the opportunity to buy a share of their home.
Commenting on the proposed legislation, director of the Council of
Mortgage Lenders Michael Coogan commented: "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."
The National House Building Council has also welcomed the
government's decision to provide a fund for buying up new
homes
