Aspiring homeowners remain high on MPs' agenda

23-Mar-2005

In the wake of last week's Budget, Gordon brown has been defending his plans to the Commons Treasury committee.

Top of the agenda for many MPs who quizzed Mr Brown was the chancellor's proposals for the housing market, and in particular his announcements in relation to first time buyers.

Jim Cousins asked whether reduced taxes for the less well-off is sustainable without reforms to support low-income owner-occupation, to which the chancellor conceded that more must be done to help people to buy their first homes.

He said that it was a possibility to move "further and faster" on shared equity schemes and hinted that there may be more new measures on shared ownership unveiled in the near future.

The major area of interest remains the hot topic of stamp duty, and Labour MP George Mudie called on the government to abolish the tax altogether in inner cities so as to give aspiring homeowners a chance to step onto the property ladder.

However, Mr Brown warned that commercial stamp duty relief had always been a temporary measure and could be open to abuse. He claimed that £500 million would be invested in inner city areas, to help regeneration and to provide affordable housing for key workers and first time buyers.

While Mr Brown also admitted that there would be a gap between the end of stamp duty relief and the new scheme revealed in the Budget speech, he promised that the new system would be in place "in the coming year".

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar