BBC Report 28/08/08 - PM & Chancellor announcement?

Bf109

Under the plans councils will be encouraged to offer low-income families at risk of repossession the chance to sell a stake of their houses in return for financial help. First-time buyers will also be given more council-backed assistance with deposits and town halls will be given extra money to buy up empty, unsold new property.

Very clever.

Still use taxpayers money to prop up a speculative bubble, but use local government money to do it so it seems like the government itself isnt having to borrow even more!

maninthestreet

It's a lack of liquidity in the money markets that means it's more difficult to get a mortgage at the moment. Cutting stamp duty is irrelevnt if you can't get a mortgage in the first place. As for councils buying up unsold, empty new properties, that doesn't bear thinking about - you buy a new property on a private estate, then the council moves in a load of chav, neighbours from hell living on benefits into the house next door.

mystic_trev

http://news.bbc.co.uk/1/hi/uk_politics/7587257.stm

A government spokesman said a wide range of options was being considered.
Typically, a rescue scheme would involve a social landlord taking a share in the property, with the borrower then paying a smaller mortgage for their share of the home and rent for the part of the property they no longer own.
Earlier this week, the Council of Mortgage Lenders said that such schemes were already being offered in a handful of local authorities in England, and were being considered in Wales, Scotland and Northern Ireland.
But the body called for a standardised scheme to be introduced across the UK, leaving repossession as a final resort.

Stamp duty

The government is expected to announce its plans next week - possibly on Tuesday.

Also on the table could be a package of shared ownership for first time buyers struggling to get a deposit. However, an announcement on stamp duty is not thought to be likely.

lostinrates

MORE shared ownership?

what am I missing that makes this a good deal for the FTB?

mr_magoo_5

Shared ownership is a mugs game and the public should refuse to have anything to do with it. The markets need to find the bottom by itself but no doubt the gov will try to to keep this bubble going. But its losing more air than going in atm

poppysarah

The more they interfere the worse the mess will be.

They just have to accept that Chancellor Brown had knackered the economy and the boom must bust.

baby_boomer

moike wrote: »

and possibly an announcement about stamp duty

The government have certainly accelerated the rate of house price decline with their stupid leaked idea that they were "considering" a stamp duty holiday.

What did these muppets think floating the idea would do :rotfl: ?

The sooner they say what's actually happening, the better.

Don't count on a stamp duty holiday. The government is strapped for cash and stamp duty currently brings in the equivalent of 2p on income tax.