David Cameron 'to help first time buyers' 95% loans, but still not helping those on lower incomes the poor who can’t raze the 5% deposits because they are privately renting, which takes the bulk of their cash paying high rents, on average a small two bedroom house will cost between £800 to £1100 pounds per month to rent in Sothern England so Cameron’s deal won’t help those people move out of rented accommodations to being able to afford to buy their own home, plus Cameron’s deal is only on new builds? This won’t help the housing make move that fast or really give the economy much of a boost?
Half-wit David Cameron and side kick an even bigger half-wit Nick Clegg will on Monday launch a scheme to supposedly support first-time home buyers through a scheme enabling them to take out 95 per cent mortgages, newspapers reported. (The scheme is a direct market for high and middle income earners not low incomes, the poor and less well-off said the English first minister Sir Michael Black-Feather and it’s also not going to be of any help to all those trap in private rented homes, because they just won’t be able to afford the 5% deposit and all the other costs that are involved in buyer a home, it’s just a vote spinner for the middle classes and the rich and sod the poor he said)
The prime minister and his deputy will unveil a plan to? Help people get on the property ladder? By offering to underwrite potential losses on a proportion of mortgages, City AM said.
The aim is to bring the average deposit demanded by lenders down from 20 per cent to just five per cent in order to help those who cannot find enough cash to buy, the financial daily said
Alongside that scheme, the government will also plough £400 million of taxpayers? Money into subsidies for house builders to construct 16,000 new homes, it added.
Meanwhile council tenants looking to buy their housing will see the discount offered on the price double to £52,000 from £26,000, the Daily Telegraph said.
City AM said announcement of the government’s plans comes as new data shows the troubled state of the housing market. Asking prices have tumbled by 3.1 per cent this month according to the latest Right move index
The Guardian said the project to subsidise housing developers could lead to work beginning on extra homes as soon as July, in a bid to reverse the slow rate of house building, which has hit its lowest level since the 1920s
Cameron and Clegg will also pledge an extra £50 million on top of the £100 million from this year's budget towards an initiative to refurbish empty homes, mainly in deprived areas. Andrew Stunell, the Liberal Democrat community’s minister, told the Guardian that two years' supply of homes is locked up in empty property.
The newspaper said the £400 million Get Britain Building fund will allow developers to compete for money to build on sites cleared for development. It is hoped that up to 3,200 of the proposed new properties will be affordable homes and that the initiative will support up to 32,000 jobs.
It cited Cameron and Clegg as saying in a foreword to the government's new housing strategy: "By the time we came to office, house building rates had reached lows not seen in peace time since the 1920s. The economic and social consequences of this failure have affected millions: costing jobs; forcing growing families to live in cramped conditions; leaving young people without much hope that they will ever own a home of their own.
"These problems? Entrenched over decades? Have deepened over the past few years. The housing market is one of the biggest victims of the credit crunch: lenders won't lend, so builders can't build and buyers can't buy."
The Guardian also reported on Monday that Britain's biggest house builders privately lobbied cabinet ministers to secure a significant relaxation of the planning system.
A proposed new policy that would mean the default answer to planning applications would be "yes" was drawn up at the insistence of chiefs of housing firms including Barratt, Bovis and Redrow, the newspaper cited leaked documents as saying