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Budget 2013: Housing Announcements

Date: 19/03/13

Budget 2013: Housing Announcements

The Chancellor has just made a number of housing announcements, including introduction of an extended NewBuy mortgage guarantee scheme for high LTV mortgages to the whole UK housing market (new and second hand), along with an extension of FirstBuy to all buyers of new homes up to a price cap of £600,000 with the government contributing the whole 20% equity share. Clearly these two measures will have important implications for NewBuy. The shared equity scheme changes will be introduced in April, but the extended mortgage guarantee scheme will take effect from January 2014.

While we have some details for both announcements, we have not yet had a chance to view the Budget Red Book nor the accompanying Treasury documents, and we have not had a chance to assess the full implications of either scheme. HBF is meeting officials at the GLA, HCA and HM Treasury within the next 24 hours. Hopefully I will gain a lot more information about both measures. I will issue a more detailed member Briefing within the next 24 hours.

John Stewart
Director of Economic Affairs