UK Money News
12th March 2008
Darling pledges action over affordable housing
The chancellor of the exchequer Alistair Darling has announced moves to improve access to affordable housing in today's Budget.
Among the measures is an amendment to the entry conditions for shared equity schemes for key workers, which will allow them to participate in such schemes when they are able to afford 50 per cent of the property they are seeking to buy.
Previously, the terms dictated that they must be able to afford to buy 75 per cent of the home.
Mr Darling also pledged so suspend stamp duty for those in shared equity schemes until they hold 80 per cent of the property.
However, calls for stamp duty be scrapped went unheeded in the Budget - a move that prompted heavy criticism from Peter Bolton King, chief executive of the National Association of Estate Agents.
Mr Bolton King said: "This government needs to realise that the housing market is slowing and the gravy train is over.
"This was an opportunity for the chancellor to give the housing market the boost it really needs to keep the market moving but he has failed the British homeowner again."
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