UK Housing Minister Announces New Housing Scheme

On February, 1st UK housing minister, Grant Shapps unveiled a range of measures the British Government will take to improve the situation on UK housing market.

First and foremost, the Government has already identified enough land to build 80,000 new homes. Also, the government is currently negotiating with BBC, Network Rail and the Royal Mail to find more unused land for construction of another 100,000 houses by 2015..

Second, in March, a new governmental housing scheme will be launched. The New Buy Guarantee scheme will allow Brits to get a mortgage with only a 10,000 pounds deposit. At the moment, an average deposit required by UK banks is 40,000. The programme will be open to all UK citizens buying or moving to a property priced at 500,000 or under.

Finally, Minister Shapps said the Government will allocate 45 million pounds to unlock the construction sites that have been stalled because of the financial difficulties.