Brown unveils measures to help first time buyers

12-Jul-2007

Gordon Brown has announced plans to increase the number of houses being built in the UK by 20 per cent as part of a move to help first time buyers get onto the housing ladder.

The prime minister said that three million homes would be built by 2020, with original plans to build 200,000 homes a year to be raised to 240,000 in order to meet the target.

Public land will also be considered for residential development, Mr Brown said in a speech to Parliament, revealing that 550 central government sites could potentially be freed up, culminating in space to build as many as 100,000 new homes.

"Putting affordable housing within the reach not just of the few but the many is vital both to meeting individual aspirations and a better future for our country," continued the prime minister.

Efforts will also be made to help mortgage lenders provide 20 or 25-year fixed-rate deals, a move welcomed by the Council of Mortgage Lenders (CML).

"Innovations in mortgage funding are a key driver for new types of mortgages, so the Treasury is right to examine this area closely," commented CML senior policy advisor Rob Thomas.

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