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Rental Guarantee Scheme | Budget offers a ray of hope to property buyers

According to research from Knight Frank, the stamp-duty increase in last years Budget (from five to seven per cent, on 2 million-plus homes), meant sales of prime London property had gone down by 15 per cent. It would be a plus if the Homes and Communities Agency (HCA) is able to.

The property industry responded to the Chancellor’s Budget announcements with cautious optimism.

It was, declared Chancellor George Osborne yesterday, “a Budget for people who aspire to own their own homes”.
On what foundations did he base this claim? First, the transformation of the NewBuy scheme into the Help to Buy scheme, inviting not just first-time buyers but second-time buyers to dip into a £3.5 billion pot of government money.
Provided those would-be purchasers can come up with a five per cent deposit on a property, Mr Osborne will now match it with a 20 per cent repayable, shared-equity loan. Not just for low-cost properties, either, but for any under £600,000.
It gets even better. Uncle George is going to come up with £130 billion of mortgage guarantees for people who can’t afford, or whose families can’t afford, a big deposit. Starting in January 2014 and lasting for three years, it was, he said “a dramatic intervention,” in response to the currently thwarted home-ownership hopes of an “aspiration nation.”
Reaction was certainly favourable from Lucian Cook, head of research at Savills… – Source

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