Friday, February 1, 2008
More housing market intervention ?
A London council has launched a controversial scheme to give middle-income residents as much as £16,000 to help get them on the housing ladder. Conservative-run Hillingdon Borough Council hopes the initiative will keep “economically viable” workers in the local economy. It is not aimed at key workers or those already receiving government supportUnder the scheme, residents who have already secured a mortgage on their first home and have a minimum deposit of 7.5% will see their downpayment matched by the council. The only catch is they must remain in the property for three years, or face paying back part of the cash. The maximum value of the property is capped at £210,000.