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The April budget brings good news for first time buyers purchasing a property under £250k as they are no longer required to pay stamp duty.
This will save some first time buyers up to £2,500 and will take effect immediately - the stamp duty holiday will last for two years.
The Chancellor Alistair Darling said: "The housing market has now stabilised and has begun a slow recovery. But many first time buyers, particularly those without large deposits, still find it hard to get a mortgage. I want to help them, but do so in a way that is properly funded."
In order to fund the stamp duty abolishment, buyers purchasing homes costing £1m or more will have to pay 5% in the tax duty - a minimum of £50,000 in tax. This new policy will come into force next April.
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The Homes and Communities Agency has announced nearly £13m will be made available to provide more than 1000 new and affordable homes across the South West.
The 11 key sites include Gloucester, Torquay, Yeovil and Oakhampton creating thousands of jobs and apprenticeships within the construction industry.
Housing Minister John Healey said: 'We’re putting the weight of Government investment into building much-needed affordable homes, keeping people in work and giving young people a chance of apprenticeships.
'That’s why today I’m allocating £83 million to get 87 stalled developments across the country up and running again, creating 1,700 jobs and giving more than 2,200 first-time buyers the chance to take an affordable step onto the property ladder.
'In this recession, the Government has not stepped back and left the homes and jobs we need to the market. We’re using public funding to keep Britain building through the downturn.'
The Homes and Communities Agency has confirmed that a £3m cash injection will be made available to help develop two housing sites in Leicester.
Plans for 42 affordable homes at land north of Manor Farm in Hamilton and 21 homes at Bendbow Rise in Braunstone are being drawn up in an effort to meet the demand for affordable homes and jobs.
Margaret Allen, regional director of the HCA East Midlands, said: 'This investment could not happen without the close working and strong commitment of all parties to get development moving, which would otherwise have been unviable in this market. These high quality schemes will help meet the need for more affordable homes and more local job opportunities in Leicester, while providing a more attractive prospect for the private developer market once the sites are underway.'
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The National Housing Trust (NHT) has announced that ten councils have confirmed an interest in joining forces with developers to build and let at least 1000 affordable houses in areas of Scotland where many people are unable to buy or rent at market prices.
The project is expected to lever in about £130m of extra housing investment and the Scottish government will underwrite loans. The properties will be ‘let’ to tenants for between five and ten years - the fact that the rent is short-term differentiates the scheme from most forms of social housing.
Alex Neil Housing Minister said: "Traditional methods of supplying housing need to change because of the scale of the new economic and financial challenges we all face. Scotland is spearheading the drive in the UK for alternative sources of funding and innovative housing delivery models. The NHT breaks new ground and has potential to significantly increase the supply of affordable homes in many parts of the country."
The Government has committed to helping low paid workers by introducing a new home-finding scheme where a resident with the offer of work outside their local area will be given help to find affordable accommodation to their new job. The scheme will begin in the North East, North West and Yorkshire and if deemed successful it will be rolled out throughout the country.
Housing Minister John Healey has also outlined plans to give councils and housing associations a greater role in helping tenants in low paid jobs, by holding financial health checks to help keep them out of debt and ensure they receive the tax breaks and other Government support they are entitled to, and by offering advice about training opportunities to help them in better paid work. The government is to make £1.2 million available next year for councils and housing associations to run test schemes in up to 15 areas across the country.
Looking for an affordable home in Melton Mowbray?
Riverside housing association are offering properties in Laxton Gardens (LE13 1LT). The development consists of three bedroom townhouses and are available to rent from just £550.00 per month with Rent to HomeBuy.
Interested? Click on the link to go directly to the property: http://www.smartshare.co.uk/property/view/1590
If you are looking for all shared ownership properties in the Melton Mowbray area, go to SmartShare the largest property website for affordable homes www.smartshare.co.uk