UK Government Announces 400M “Get Britain Building Fund”
According to the latest BBC report, UK government has launched a 400 million pounds fund to help UK first-time buyers and property developers.
The "Get Britain Building Fund" will help FTBs with their deposits as loans with 95% loan-to-value ratio will become easily available from lenders. It will also held developers with high-quality property projects on affordable housing.
Commenting on the launch of the new governmental fund, Paul Smee of the Council of Mortgage Lenders (CML), said: "This scheme is good news for home-buyers, developers and indeed the UK economy. Lenders will be able to reduce the level of deposit needed by home-buyers in the new-build sector. He highlighted it the fact that this initiative will have positive for all sectors, including jobs, thus being good for the UK economy as a whole.
Some industry experts, however, are skeptical about the new initiative by the Government highlighting that it should not be focused on new-built properties only.