Mortgages Uncovered

Talks are taking place with the Government to free £1 billion of public money to help the new homes market.
Much needed funds are proposed to purchase 10,000+ of mainly central city flats and family homes from house builders.

Many properties that were supposed to be sold to private buyers have been left partly built or even empty as this industry sector struggles with the fastest plummet in sales for over a decade.

The negotiations have been championed by The National Housing Federation (NHF), which is the umbrella for UK’s housing associations and proposals are in consideration by the Treasury, Department for Communities and also the Local Government. Should packages be agreed, it could boost the slumping social housing market through the purchase of 10,000 units. This in turn would aid the larger house building companies who are suffering a collapse in share prices.

In total this year housing looks on course to plummet between 100,000 and 110,000 new units, which is down 164,000 from May 2007, this is the lowest level since 1945.

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