Government suspends stamp duty
Mortgages for professionals seekers have been given a major boost today - as stamp duty for homes worth £175,000 or less seems set to be suspended for the next year.
The new policy was announced today by communities secretary Hazel Blears, as part of a raft of government reforms aimed at kick-starting the struggling UK housing market.
A new £1 billion plan to build cheap social housing, and a "free loans" service for low-earners hoping to get on the property ladder have also been unveiled by the government.
Communities secretary Hazel Blears said: "This is part of a whole series of announcements to help people with the current economic difficulties that they face. We can't solve every single person's problems for them... but what they do expect from government is, where we can, practical help."
According to figures from Nationwide, house prices are running over ten per cent down on their level a year ago.
The Bank of England also said this week that mortgage approvals numbers have declined by 71 per cent over the 12 months.
The new policy was announced today by communities secretary Hazel Blears, as part of a raft of government reforms aimed at kick-starting the struggling UK housing market.
A new £1 billion plan to build cheap social housing, and a "free loans" service for low-earners hoping to get on the property ladder have also been unveiled by the government.
Communities secretary Hazel Blears said: "This is part of a whole series of announcements to help people with the current economic difficulties that they face. We can't solve every single person's problems for them... but what they do expect from government is, where we can, practical help."
According to figures from Nationwide, house prices are running over ten per cent down on their level a year ago.
The Bank of England also said this week that mortgage approvals numbers have declined by 71 per cent over the 12 months.
