New Plan for Growth report outlines plans to support the housing sector

The Coalition Government have published the Plan for Growth, including plans to accelerate the release of public sector land.

The report states that to support the housing market, the Government will provide equity loans, jointly funded with house builders, through a FirstBuy programme, assisting over 10,000 first time buyers to purchase a new-build property and implement a range of measures to remove barriers to entry for new Real Estate Investment Trusts.

The government will also take action to strengthen demand for residential property by reforming the Stamp Duty Land Tax rules applied to bulk purchases. This will reduce a barrier to investment in residential property, promotion private rented housing supply.

Lastly, accelerate the release of public sector land. The Government will consider whether using a 'Build Now, Pay Later' model could be applied to the sale of particular parts of public sector land to encourage deployment.

Further information:
HM Treasury - Growth Review

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