Monday, 28 November 2011

Will our soon to be nation of renters be prevented by a £400million cash injection??

In a bid to stimulate a housing market which David Cameron summed up as one in which "lenders won't lend, builders can't build and buyers can't buy", the Government is looking to inject £400million into house-building in order to try and free up mortgage finance for first-time buyers.

The plans haven't had the warmest response, with critics arguing that it simply isn't enough to jump-start the market and prevent us from becoming a nation of renters.

"The only winners in this new initiative are the insurance industry, mortgage lenders, estate agents and sellers," says Angus Hanton, the co-founder of think tank Intergenerational Foundation. "Younger generations will still have to prop up an overpriced market where prices should be falling, an overpriced mortgage industry where charges should be falling while underwriting the debt. The fact remains the older generation is over-consuming housing."

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