Gordon Brown has set out his agenda for creating a 'home-owning, share-owning, wealth-owning democracy for all'
He hopes to boost home ownership to 75% of the population. The Chancellor said that he would respond in the pre-budget report, to the 'dream of young couples to own their own homes' and promised more details on the governments' plans for one million new affordable homes.
But members of the finance industry are not convinced that these new affordable homes will have any impact on people struggling to get on to the property ladder in the Southeast. They believe that if Mr Brown really wanted to increase the number of homeowners in the country, he needs to make his schemes far simpler, and scrap stamp duty for first time buyers.
Our view
Whilst not the highest in Europe, the UK still has one of the highest home ownership ratios in Europe. Making property available to youngsters is another political step solely to encourage people to save in assets that can then be taxed in later life!
Did you know that when you are older, if you have assets worth more than around £20,000 you will have to pay for your own old age care, if you do not have the cash, the authority can place a charge over your home? In simple terms, your children may not inherit your home.
Learn more in our site Care Fees Adviser.com .