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British Chancellor Gordon Brown will unveil a plan to provide up to 400,000 first-time buyers with cheap mortgages funded by public money.

Under the plan, which will cost hundreds of millions of pounds over three years, buyers who could raise mortgages for half to three-quarters of the cost of a home would be able to "rent" the other share of the property, at a rate of no more than 3 per cent.

"People who couldn't afford the full price of a home can afford the partial price . . . and gradually ramp up their stake," Mr Brown told The Observer.

"It's putting home ownership within the reach of thousands of people who would not be able to do so."

Harold Macmillan dreamed of a "property-owning democracy". Margaret Thatcher's "right-to-buy" policy enabled a million public housing tenants to buy the homes they lived in.

Now the Blair Government wants to complete the Conservative vision of a nation of home-owners.

But as with the Howard Government's young home buyers' grant, critics say the move will only help the wealthiest potential homeowners and will fuel an already overheated property boom.

AdvertisementHouse prices in parts of Britain are now eight times the average salary.
Yannie, shared ownership is not a new idea, nor a good idea for all but a few people in specific situations.
This is an interesting artical that you are quoting, but what do you think about it....?
Yanni - all you seem to post is cut & paste from other websites... no opinion of your own then?
Yannie, if you want to cut & paste, it would be better to do it properly - in a quote box, and with details of where the article is from, preferably with a link.
This is just another attempt by the labour party to help subsidise the ailing british economy (which they have slowly suffocated).

If he is worried about the market stalling because of eleveated prices, then does he not realise that if you let more people buy more houses (by subsidising them) without building more houses to meet the demand, the price will rocket as demand once more outstrips supply. Simple market economics.

hence, if this goes through, the market will once more pick up and prices will soar to a new high.

Oh, yeah and its another nice little earner for the treasury (a guaranteed return of 3% per annum and the stamp duty, council tax etc etc)
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