History and myths of the Open Market Homebuy scheme for England and Wales
Open Market Homebuy : Joke or Great Scheme ?
The Press are reporting that our new Prime Minister, Gordon Brown, has promised to build a further 2 million homes by 2010 !
That’s more than 666,666 per annum.Sorry Prime Minister but we just don’t see that happening – especially as John Prescott made exactly the same promise 10 years ago.
So where do Labour stand on Home Ownership?Actually, despite Mrs Thatcher claiming to have opened up the Right to Buy market – it was Labour’s dream back in the days of Harold Wilson – in fact the Right to Buy was introduced in the 1970’s with two pilot schemes in Leeds and London. Anyone disagreeing with that statement should simply watch the original Alf Garnet film ‘Till Death us do Part’ where he had purchased his Council flat from his ‘Darlin’ Harold!
Open Market Homebuy is getting bad press – it is too complicated
- too few lenders and rhetoric instead of hard cash.
Now, as if by a bombshell, the Conservative Party have pledged to abolish Stamp Duty for most first time buyers
(exact details awaited as at 2nd Oct 2007)
– what will this mean to the Market?
Very simply the Government will have to compete with this – there are simply too many enquiries for Mortgages on properties for first time buyers for the Government to ignore the subject.
We at Social Housing Advice Ltd invite you to e-mail us at openmarkethb@googlemail.com with your views on this topic.
How do I apply?
Contact your HomeBuy Agent.
The HomeBuy Agent will have a panel of Independent Financial Advisers such as CTAB Mortgage Desk - their website can be found at www.sharedownershipmortgages.org.uk