http://news.bbc.co.uk/1/hi/uk_politics/4200123.stm

So, this is Labours five year plan to give help to first time buyers.

Will the points mentioned address the situation or is it just more electioneering?

I must be missing something because I can't really see how these new measures are going to help first time buyers?

If cheaper housing is built, then are purchasers going to be means tested to make sure they are they one's who otherwise wouldn't be able to buy a house? or would there be a plethora of 'well-off' people using it as a way into the 'buy-to-let' market?

As for being able to buy a 50% share of a house then they would be paying rent on 50% and a mortgage on the other 50% - is that going to work out cheaper than a mortgage???

My daughter lives in a council house, she can't afford a mortgage to buy a house. She's looked into buying her council house but the price is way out of her league. I haven't seen anything in the Governments strategy that would help her as a single wage earner. If she links up with someone else then two of them may be in a position to afford somewhere at the bottom end of the market.

Part ownership is how many people are getting onto the property ladder. I know a few people who have done it and it has worked out for them and is invariably cheaper.
I've looked into it myself but I'd rather be a little further out of pocket rather than waste money on rent.
A family friend has a house in Milton Keynes which is a ridiculous market in terms of housing and she is on 18k, as a single woman she can't afford to buy the entire place but doesn't want to wait until she is ready to live with someone to begin buying. Sensible move I reckon except for the fact that its a tiny one bed house. She pays £375 a month in rent and mortgage, most monthly payments on mortgages in the area hover around the £600 a month mark.
My partners family live in a tiny posh village in the south where most properties are 350k MINIMUM, that's just for a 2 bed terrace. The full rent on a 3 bed bungalow is £750p/m.
I can't see how anyone can afford it personally but if a professional couple work for 10 years on a part ownership mortgage pay off as much as they can and then move to a more suitable area for schooling etc for kids and probably cheaper, at least they have some money stored in equity rather than nothing to show because of the killer rents.
In Sheffield, a friend of mine in a 110 K house, good area etc has £700 a month outgoings for all payments, mortgage, insurance on car and house, council tax, gas, electric etc. With what's left she buys food, petrol in the car, clothes, gifts, cable and so on.... she's on a healthy salary though.
For those earning say £12 k - not much would be left really, not a great quality of life.
So, government assistance, if not abused is great for some and may give them the step up they need. Myself included, although I fear I shall be mortgaged before any such ideas could come to pass.

Why build more houses, expanding into our valuable contryside when people can't even afford the houses that are empty.

Doesn't make sense to me. If they controlled the interest rate better we wouldn't have this problem

Originally posted by Skatiechik
Why build more houses, expanding into our valuable contryside when people can't even afford the houses that are empty.
Doesn't make sense to me. If they controlled the interest rate better we wouldn't have this problem
The reason that people can't afford new houses is that builders constantly build high value 4 bedroomed family houses because there is more profit in that game. We are despirate for affordable one and two bedroom houses, and many new housing schemes are nowadays starting to be only given permission if they include these smaller homes.

Originally posted by muddycoffee
The reason that people can't afford new houses is that builders constantly build high value 4 bedroomed family houses because there is more profit in that game. We are despirate for affordable one and two bedroom houses, and many new housing schemes are nowadays starting to be only given permission if they include these smaller homes.

I think there is a lot of truth in that assessment.

Absolutely, and the majorty of the smaller properties are for rent not purchase which narrows the field even more.

I agree the problem isn't so much the high price of houses (although that doesn't help obviously) but the lack of smaller, more affordable houses rather than larger 3 or 4 bedroom properties (which they make the most money from).

If the gov want to do something, perhaps some sort of incentive for developers to build small 1 or 2 bedroom properties for purchase (and not rental) might be called for?

Originally posted by Lickszz
http://news.bbc.co.uk/1/hi/uk_politics/4200123.stm

So, this is Labours five year plan to give help to first time buyers.

Will the points mentioned address the situation or is it just more electioneering?

Summed up very well in the Telegraph...

http://www.telegraph.co.uk/core/Matt/pcMatt.jhtml?RangeStartValue=3