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15/12/2008
£400m Affordable Housing Scheme Approved
A deal worth more than £400 million to help first time buyers aspiring to buy their own home was approved today by Housing Minister Margaret Beckett, as part of the Government's programme of action to tackle current difficulties in the economy.
More than 130 developers have agreed to offer the HomeBuy Direct scheme which will help up to 18,000 first time buyers to purchase a home at sites across England aided by an equity loan, part funded by the Government and the developer. The equity loan, which will be free of charge for five years, can be used as a deposit and can cover up to 30% of the purchase price.
This means a first-time buyer could purchase a house worth £180,000 for as little as £126,000. As with other HomeBuy schemes, any first-time buyers whose household income is under £60,000 who cannot otherwise afford to buy will be able to apply.
The scheme will also support the house building industry by identifying buyers for their new homes, helping them to weather the current difficult conditions in the market.
Eligible first time buyers will be able to apply for the scheme from early 2009 by contacting a HomeBuy agent in their region.
Housing Minister Margaret Beckett said: "We are determined to give families real help in the current economic climate. For many young families who aspire to own a home, the difficulties in the housing market have made the step on to the property ladder that bit harder. This deal will give them more support and put their dream of becoming home owners within reach.
"At the same time, this scheme will also help developers to weather the tough times in the market, by protecting jobs and helping to keep business going."
HomeBuy Direct is one of a range of schemes designed to help families to get a foot on the housing ladder. We have already helped more than 110,000 people buy their own homes through shared equity and shared ownership since 1997. The Government is investing £8 billion over three years (2008-11) for the provision of new affordable housing for both social rent and low cost home ownership.
(JM)
More than 130 developers have agreed to offer the HomeBuy Direct scheme which will help up to 18,000 first time buyers to purchase a home at sites across England aided by an equity loan, part funded by the Government and the developer. The equity loan, which will be free of charge for five years, can be used as a deposit and can cover up to 30% of the purchase price.
This means a first-time buyer could purchase a house worth £180,000 for as little as £126,000. As with other HomeBuy schemes, any first-time buyers whose household income is under £60,000 who cannot otherwise afford to buy will be able to apply.
The scheme will also support the house building industry by identifying buyers for their new homes, helping them to weather the current difficult conditions in the market.
Eligible first time buyers will be able to apply for the scheme from early 2009 by contacting a HomeBuy agent in their region.
Housing Minister Margaret Beckett said: "We are determined to give families real help in the current economic climate. For many young families who aspire to own a home, the difficulties in the housing market have made the step on to the property ladder that bit harder. This deal will give them more support and put their dream of becoming home owners within reach.
"At the same time, this scheme will also help developers to weather the tough times in the market, by protecting jobs and helping to keep business going."
HomeBuy Direct is one of a range of schemes designed to help families to get a foot on the housing ladder. We have already helped more than 110,000 people buy their own homes through shared equity and shared ownership since 1997. The Government is investing £8 billion over three years (2008-11) for the provision of new affordable housing for both social rent and low cost home ownership.
(JM)
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23 July 2013
Second Home Buyers Excluded From Help To Buy Scheme
The second stage of the Help to Buy scheme will be closed to second home buyers, George Osbourne has said. The Help to Buy scheme was launched four months ago to provide equity loans to people to help buy new homes. The second stage of the scheme is due to begin next January, with buyers needing just a 5% deposit to buy a home.
Second Home Buyers Excluded From Help To Buy Scheme
The second stage of the Help to Buy scheme will be closed to second home buyers, George Osbourne has said. The Help to Buy scheme was launched four months ago to provide equity loans to people to help buy new homes. The second stage of the scheme is due to begin next January, with buyers needing just a 5% deposit to buy a home.
13 March 2008
Budget Will Help First-Time Buyers
Thousands of first-time buyers and key workers could see their purchasing power boosted by up to 50% with new home loans announced in the Budget. The Chancellor announced that from April this year two new equity loans will be available through the Government's shared equity scheme Open Market HomeBuy (OMHB).
Budget Will Help First-Time Buyers
Thousands of first-time buyers and key workers could see their purchasing power boosted by up to 50% with new home loans announced in the Budget. The Chancellor announced that from April this year two new equity loans will be available through the Government's shared equity scheme Open Market HomeBuy (OMHB).
27 September 2004
New plans set to get first time buyers on property ladder
Proposals to make better use of public sector land and help first time buyers have been outlined by the Deputy Prime Minister today. Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
New plans set to get first time buyers on property ladder
Proposals to make better use of public sector land and help first time buyers have been outlined by the Deputy Prime Minister today. Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
02 September 2008
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
04 March 2004
Stamp duty must be raised to help first-time buyers: Nationwide
The government has been urged to raise the stamp duty threshold to £150,000 after it was claimed that first-buyers are finding it difficult to get onto the property ladder due to the taxes.
Stamp duty must be raised to help first-time buyers: Nationwide
The government has been urged to raise the stamp duty threshold to £150,000 after it was claimed that first-buyers are finding it difficult to get onto the property ladder due to the taxes.
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