Government take action on unsold homes
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by Kay Murchie
Prime Minister, Gordon Brown, has announced a plan to buy unsold homes to help low-income families into good properties.
A fund of £200 million will buy newly built properties that developers have been unable to sell and they will be offered under shared-ownership schemes or be rented to housing association tenants.
A shared-equity scheme, currently only open to key workers, will be extended to all low-income groups.
Within the scheme, only an estimated 1,000 homes could be bought. However, the objective is to show that the Government is trying to get young families into good quality homes.
It is also hoped that the scheme would improve the ailing housing market by clearing excess supply.
The Prime Minister announced a series of other plans which are designed to improve people’s finances including a Banking Reform Bill, a Saving Gateway Bill and a Flexible Working scheme for parents.
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