Housing received a surprising level of attention in the Budget this week. Chancellor of the Exchequer George Osborne announced a 'Help to Buy' scheme to support potential home buyers who have at least a 5% deposit.
Under the programme, buyers will only have to save up a 5 per cent deposit, with the Government underwriting a further 15 per cent of the value as long as the property is worth no more than £600,000.
The Chancellor, said the initiative would help families who cannot afford the large deposits currently needed to get a mortgage at a good interest rate.
Glint of hope
The scheme will start next year and is available on all new-build homes worth less than £600,000. It aims to help about 75,000 people buy their own homes through shared equity, mortgage guarantees and interest free loans.
Christian Harper, of
Chiswick’s flat-fee estate agent OliverFinn: “Although the budget offers a glint of hope to the first time buyer and affordable homes market nationally, it offered little to the Chiswick property market.
Mark Hayward, President of the National Association of Estate Agents: “In the absence of a Stamp Duty Holiday for first time buyers, it is imperative that politicians, the house building industry and the major lenders continue to look at more ways to offer support to this fragile part of the sector.”
On the up side, A planned 3p rise in beer duty has been scrapped and replaced by a 1p cut in the price of a pint. With over sixty choices of bars and restaurants in W4 we can ago out and enjoy a beer!
Which?
guide to the changes to housing and property from the 2013 Budget.
Personal budget
calculator: How will Budget 2013 affect you?
Under the programme, buyers will only have to save up a 5 per cent deposit, with the Government underwriting a further 15 per cent of the value as long as the property is worth no more than £600,000.
The Chancellor, said the initiative would help families who cannot afford the large deposits currently needed to get a mortgage at a good interest rate.
Glint of hope
The scheme will start next year and is available on all new-build homes worth less than £600,000. It aims to help about 75,000 people buy their own homes through shared equity, mortgage guarantees and interest free loans.
Christian Harper, of Chiswick’s flat-fee estate agent OliverFinn: “Although the budget offers a glint of hope to the first time buyer and affordable homes market nationally, it offered little to the Chiswick property market.
Mark Hayward, President of the National Association of Estate Agents: “In the absence of a Stamp Duty Holiday for first time buyers, it is imperative that politicians, the house building industry and the major lenders continue to look at more ways to offer support to this fragile part of the sector.”
On the up side, A planned 3p rise in beer duty has been scrapped and replaced by a 1p cut in the price of a pint. With over sixty choices of bars and restaurants in W4 we can ago out and enjoy a beer!
Which? guide to the changes to housing and property from the 2013 Budget.
Personal budget calculator: How will Budget 2013 affect you?
