15 May

Prime Minister announces new housing legislation

Prime Minister announces new housing legislation

Prime Minister Gordon Brown has discussed new housing legislation that will be formally announced in the Queen's Speech later this year.

He revealed that the government intends to spend £200 million buying up unsold new homes, some of which will be rented out to low-income tenants, while others will be sold to first-time buyers under shared equity schemes.

All first-time buyers with an income of less than £60,000 will also be given the opportunity to buy a share of their home.

Commenting on the proposed legislation, director of the Council of Mortgage Lenders Michael Coogan commented: "The government's announcement on shared equity means that its approach is now more logical, providing help based on the income rather than the occupation of buyers."

The National House Building Council has also welcomed the government's decision to provide a fund for buying up new homes

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