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Housing Market

Volume 487: debated on Tuesday 10 February 2009

To ask the Chancellor of the Exchequer what recent steps the Government has taken to stimulate the housing market. (255839)

On 2 September 2008 the Government announced a £1 billion package of measures to help and support home owners in financial difficulty, first-time buyers, and the house building industry. This included the announcement of the launch of HomeBuy Direct, a new shared equity scheme which offers first-time buyers the opportunity to buy their own homes. In addition, the Government announced that Stamp Duty Land Tax would not apply to purchases of residential property of £175,000 or less for the next 12 months from 3 September 2008.

Furthermore, the Government announced at the pre-Budget report on 24 November 2008 that it would bring forward up to £775 million on investment in housing and regeneration to help offset the impact of economic shocks to priority programmes, and provide support to the construction sector.