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Bigger discounts for Right to Buy scheme

The Government hopes to rejuvenate its Right to Buy scheme by offering people higher discounts.

In order to help those in council properties to buy their own homes, the coalition plans to raise the maximum discount to 50,000.

It is thought that a bigger discount could make the purchase process simpler for council tenants who are keen to invest in UK property.

Grant Shapps, the country’s housing minister, said: “The previous miserly restrictions on discounts meant Right to Buy became, for many tenants, nothing more than an empty promise – a social mobility scheme run by Ebenezer Scrooge.

“That’s why I am today publishing proposals that will dramatically increase the discounts under Right to Buy, ensuring it once again becomes a meaningful tool to support social tenants who want to buy the home they live in.”

Margaret Thatcher’s Government originally introduced the Right to Buy scheme in the 1980s. Ministers hope that social mobility will be improved with the

Government announces home build scheme

Housing Minister Grant Shapps has announced more than 430 million of funding to help councils as part of a scheme which encourages the building of new homes or bringing empty properties back in use.

The funding is for the second year of the New Homes Bonus scheme, which saw almost 159,000 homes built or brought into use last year.

Council tax raised from new homes is matched by the Government for the first six years under the scheme.

Mr Shapps said: “There is a culture shift taking place across the country – communities that are going for growth are reaping rewards for their local area, and councillors can now lead a mature debate about the benefits of development.

“The bonus payments for new homes last for six years – so this year’s bonus is more than double the payment from year one, and it’s why communities that continue to welcome new homes can expect to see bigger cash bonuses and improved

Cash boost for home ownership scheme

The Northern Ireland property market could be boosted by the news that the Government is to raise its investment in a co-ownership scheme by 10 million to help first-time buyers.

With property investment dwindling in recent months, Finance Minister Sammy Wilson revealed the details of the Government’s plan and also assured assembly members that banks would try to provide mortgages to suit the scheme.

The four-year scheme, which previously had an annual war-chest of 15 million, aims to help around 2,400 people purchase their own homes.

The scheme was one of many benefactors of 70 million re-channelled during the October Monitoring Round, where unspent money is reallocated to Government departments in need of additional financial support.

Mr Wilson said: “The increase in funding announced today is evidence of the executive’s commitment to help people take their first steps on the property ladder and stimulate some much needed activity in the local property market.”

Copyright Press Association 2011

More cash for shared equity scheme

An extra 4.65 million in funding has been announced to help hundreds of first-time UK property buyers.

Those on low incomes may benefit from cash being allocated to a shared equity programme which helps people into home ownership.

Housing Minister Keith Brown said the budget for the Open Market Shared Equity (OMSE) scheme will almost double, from 4.75 million to 9.4 million.

The Scottish Government said it aims to help around 250 first-time buyers purchase a home.

In the past four years the Low-Cost Initiative for First Time Buyers shared equity schemes, of which OMSE is part, has helped around 5,600 people into the property market, according to Government figures.

Mr Brown said: “The Scottish Government has already ploughed millions into a variety of shared equity schemes to help people get onto the property ladder as this will benefit not only those potential new homeowners, but will also help the Scottish housing market.”

The scheme works by allowing people to

Assetz urges UK mortgage scheme expansion

Assetz’s chief executive has welcomed help for first-time buyers announced in the Budget, but warned the Government should try to help more struggling would-be home owners step on to the housing ladder.

The Government has earmarked 250 million from the Bank Levy to help around 10,000 households with incomes of up to 60,000 buy a new-build property.

But Assetz chief Stuart Law said the money could be spread more thinly to help double the number of first-time buyers and still enable them to access good UK mortgages currently offered by lenders.

He said: “Tens of thousands of first-time buyers need help, and I hope the Government uses the 250 million pledged to the new FirstBuy scheme wisely.

“Rather than just help 10,000 first time buyers raise 25% deposits on average, it would be sensible to help a significant number of first time buyers raise 10% deposits, since 85% and 90% LTV mortgages are available at reasonable rates.”

Under the FirstBuy

Halifax offers energy bill scheme

Customers taking out a new mortgage from Halifax are being offered 500 towards their energy costs this winter.

The latest scheme will be available to people taking out a mortgage directly from the high street lender (and not through a broker) between October 4 and November 5.

First-time buyers, home-movers and those who are remortgaging will all be eligible for the offer which extends across Halifax’s mortgage range.

Borrowers can claim the incentive by producing a copy of their utility bill within six months of arranging the loan. Halifax will make the payment directly to the energy company.

The payment towards gas and electricity bills is the first such scheme from Halifax, which has previously offered cash back and council tax contributions to its customers.

Stephen Noakes, commercial director of mortgages at Halifax, said: “There are numerous costs incurred with setting up or running a home and energy bills usually represent a significant chunk of households’