UK Trying To Boost Housing Market

PRLog (Press Release) - Mar 24, 2009 -
London (Longdogfinance) : The UK government is planning to come up with new ways to improve the housing market, which has been badly affected because of the present market condition that has resulted in the reduction in bank lending. Infact, Margaret Beckett, the housing minister of Britain has said that they are looking for other options in order to maintain stability in the market.

Infact, the rising unemployment among the people in UK and the reduction of loan giving by the banks and the increasing credit crises further had an adverse effect on the property market. According to statistics by the department for Communities and Local Government, the house price in UK has reduced by 11.5 percent in January, reaching upto 195,724 pounds. The housing market is worst hit by the present market conditions, hence, a deep thought is been given to boost the housing market.

Infact, Prime minister Gordon Brown, have come up with a plan to help the first time buyers. The good news is that, the 'home buy direct program', that was developed in 2007 allows buyers to purchase home at 70 percent of the market price. What is most amazing, in this context is that, these loans are provided without charging any fee for the first 5 years. Other than this, it can even be used as a deposit. With the introduction of this provision to provide benefits to first time buyers, the housing minister have decided to meet Sally Taylor, a 25 years old police woman who is buying a house at Cheltenham. Sally is one of the first woman to benefit from Gordon browns benefit plan. Various other people have also benefited from this provision. Hence, this benefit specified by the British prime minister has created a huge craze among buyers. People who had waited long for the recovery of the market, can finally lay a sigh of relief.


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