Speaking at the House of Commons, Brown suggested a number of initiatives that the Chancellor of the Exchequer, Alistair Darling, would be responsible for implementing. Having already suggested proposals for longer-term mortgage deals, the government gave its backing for a private members’ bill set to increase flexibility for building societies in financing their mortgages. Brown also confirmed a Treasury review into housing finance products, in addition to increasing levels of affordable housing.
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David Bexon, managing director of SmartNewHomes.com, welcomed the housing report, but urged the government to commit to immediate action.
He commented: “It is encouraging to see the new Prime Minister placing such an emphasis on the plight of first-time buyers in his first major Parliamentary speech, but we need to see immediate action.”
Bexon added: “A significant increase in affordable housing provision to three million new homes by 2020 will ultimately benefit first-time buyers. But to achieve this, the government must focus on urgently releasing surplus public sector land which is ripe for housing development.”
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A further review of the housing market is expected as part of the government’s Housing Green Paper, which is due to be published later in the year.
