It seems the Chancellor’s “assistance package” to help the housing market has received a luke warm response at best. The revised Stamp Duty threshold of £175,000 is unlikely to see a rush to purchase homes. Equally, the announcement of the HomeBuy Direct scheme, which is designed to assist low income families and/or first-time buyers with their deposit, may not be the saviour some hope. There is some detail to follow but it is understood that the funding for the HomeBuy Direct Scheme is to come from the Regional Development Agencies, to the tune of up to £300m some say!
Time will tell whether Mr. Darling has “got it right” but some commentators believe it is “too little, too late”.