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Budget 2009: £1bn rescue plan for housing market

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21st Apr 2009
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Alistair Darling is expected to announce a £1bn stimulus package to revive the housing market in tomorrow’s Budget.

Among the measures likely to be introduced are:

  • A three month extension to the stamp duty ‘holiday’ on homes purchased for £175,000 or less.
  • Funding to enable the government to take a stake in stalled housing projects to ensure work continues. In some cases the government may also offer to complete local roads and other infrastructure that private companies are usually required to do when constructing housing developments.
  • The government will purchase properties on some housing projects that have been completed but could not be sold due to falling prices and convert them into social housing or offer them as shared equity schemes.
  • Increased funding for the mortgage rescue scheme to aid homeowners threatened with repossession.
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