Wednesday March 12, 01:45 PM
UK BUDGET Darling says to start review on housing finance
LONDON (Thomson Financial) - Chancellor of the Exchequer Alistair Darling announced the government will start a review of housing finance to increase the availability of long-term mortgages, in order to protect homeowners from risk.
In his first budget speech, Darling said the government would seek views for a framework to deliver long-term mortgages for 10, 20, or 25 years and kick-start the wholesale money markets, adding that he would report back in the pre-budget report.
The chancellor also pledged more support for key workers and first-time home buyers from this April, scrapping stamp duty from new shared equity schemes up to 80 pct of equity value.
He also said 8 bln stg would be spent over the next three years in social housing, with the aim of delivering 70,000 new homes each year.
Overall, the government reiterated its commitment to sharply increase home building by 2020, to up to 3 mln new homes, and said it has identified additional sites for up to 70,000 new homes.
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