New housing legislation announced by government

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New housing legislation announced by government

Thu 15th May 2008

New housing legislation, set to be formally announced in the Queen's Speech later this year, has been outlined in the Commons by Gordon Brown.

He revealed that all first-time buyers with an income of less than £60,000 will be given an opportunity to buy a share of their home.

In addition, the government will provide a fund of £200 million to buy up unsold new homes, some of which will be sold to first-time buyers under shared equity schemes, while others will be rented out to low-income tenants.

"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," Michael Coogan, director of the Council of Mortgage Lenders, commented.

Referring specifically to the government's decision to provide a fund for buying up new homes, the National House Building Council also said it welcomed the move.

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