Government housing support package

EGi reports that from tomorrow, the government is to suspend stamp duty for all homes costing less than £175,000.

For those on incomes less than £60,000, the new HomeBuy Direct scheme will offer first time buyers a free loan for up to 30% of the value of the home for up to five years. This is to be partly funded by the developers.

There are also proposals for a mortgage rescue scheme, and funding to help to help 6,000 vulnerable homeowners facing social housing providers to provide more social houses over the next 18 months.

There will also be help for sale and leaseback schemes.