New initiatives set to boost the housing market

The Government has announced a new raft of initiatives to improve the property market. Recognising that first-time buyers are the backbone of a healthy, free-flowing property market, Prime Minister David Cameron announced a mortgage indemnity scheme for first-time buyers that will see them able to borrow up to 95% of the value of a newly-built property, with Government guarantees. Other initiatives include the ‘Get Britain Building Fund’, which will see £400 million become available to house builders to kick-start developments that might have stalled due to financial difficulties.

The bigger picture painted by Mr Cameron would see 450,000 new homes built by 2015, a return to ‘right to buy’ for social housing tenants (with funds reinvested in house building), empty homes being brought back into residential use and encouragement for new entities to enter the social housing market.

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