21 Mar '13, 3am

UK Budget: Measures welcomed - Property Auctions News, Property

Yesterday’s UK budget statement, and its measures to boost the property sector, has been warmly welcomed by many in the industry. Chancellor George Osbourne (pictured ) announced a £130 billion plan to guarantee low cost mortgages through a scheme that will start at the beginning of 2014 and last three years. More than half a million Brits are expected to be eligible. The new-buy scheme will allow anyone with a five percent deposit to get an extra 20 percent in Government support - interest free for five years. It provides homeowners who have seen their equity shrink during the housing market fall to take what they have left and move up the property ladder. Some media commentators in the UK are suggesting that Osbourne is putting his faith in the property sector to lead the economic recovery. Simon Rubinsohn, RICS Chief Economist, said: "The range of measures announced und...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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