Mortgages Uncovered

The Government also seems to have faith in the extra cash announcement for purchasing unsold homes. With money freed up for the extension of share equity schemes to households who have earnings of under £60K it is seen that this will only help around 775 first time buyers.

Rising inflation is making cuts far less likely. With the credit crunch upon us the raised value of borrowing for housing associations that are the bodies that operate shared equity schemes is huge although the governments still maintain it is possible to turn back time.

Although fortunately many homeowners are not yet panicking as the Royal Institution of Chartered Surveyors show that there are less sellers rushing to put their properties on the market unlike the early nineties when we saw a huge rush of properties hit the market in a stress frenzy.

Estate agent members of RICS’s do not see that government intervention will be a solution to the current market problems. Potentially this is due to the problems caused by the controversial home information packs (Hips), promoted by Government as an answer for all the tribulations of buying and selling properties and also as means of promoting a green sensibility to the market.

Even tougher enforcement of HIP rules which were due in June have been put back to the end of 2008 which surely is an echo of the lack of success of this scheme to the market.