More Promise Of Good Times For First Time Buyers
In a move which is more headline grabbing than practical, the government has announced a new scheme to ease the pressure on first time buyers. The scheme will involve those who qualify paying reduced rent on a property while they save up a deposit to buy in the future. Once they have saved for the deposit they will then be able to buy a share in the property, starting at 25% which can then be added to in the future.
This seems to be yet another attempt by the government to be seen to do something to help those struggling to get on the property ladder, but like so many similar schemes before, the announcement was a little lacking in detail. In affect the tax payer will be subsidising the tax payer to purchase houses which nobody really wants at this moment in time.
In another move designed to save the house building sector the authorities have put aside £200 million for government agencies to acquire surplus housing and rent out to the public - yet again the tax payer offering artificial support to a dead market. It will be interesting to see how such schemes work in practice and whether they actually have the desired affect.
Share this..
Related stories
UK insurers want exemption from equality laws
The UK government is under pressure from the insurance sector to exempt UK insurers from various areas of the recently introduced equality laws. One of the main aspects which has arisen over the last few days is the availability of motor cover for elderly drivers. It is no secret that many insurers are wary of covering older drivers because of a perceived increase in risk and one in five older dri...
Read MoreBuy to let market running out of steam
The CML has today revealed that the UK buy to let market has rebounded strongly from post-credit crunch levels although it would appear to be running out of steam. The number of buy-to-let mortgages agreed increased by 13% in the second quarter of 2010 with around 25,000 confirmed. While these figures are welcomed by investors in the buy to let market they are just around 25% of the business level...
Read MoreWill mortgage changes drag the housing market lower?
Since the UK authorities stepped forward with a number of proposed changes for the UK mortgage market there has been much debate as to the overall impact this will have on the housing market. Some experts believe that up to one in five potential mortgage applications, and remortgage applications, could be effectively dead in the water leaving 2 million borrowers with no source for mortgage finance...
Read MorePublic sector wages increased by up to 20%
There is dismay in the private sector today with news that the public sector wage bill has seen a massive rise over the last 12 months. Figures released by the Office for National Statistics show that senior council workers have seen their salaries increase by up to 20% over the last 12 months while public service administrative professionals have seen their income increased by just over 10%. This...
Read MoreHousehold Finances
Recent surveys of over 2000 households have suggested that people are still struggling on stretched budgets. The Bank of England's annual poll has concluded that over 50% of households struggled to meet credit card debts and other unsecured credit payments. Almost a quarter of those surveyed said that they had cut back on spending because it was so hard to borrow or that they had concerns abou...
Read More