Queen's Speech To Boost Home Ownership

Fresh from his 'sales-pitch' for bringing investment and jobs to Northern Ireland at this week's US-NI Investment Conference, the Prime Minister is now planning a scheme to boost home ownership.

Using the forthcoming Queen's Speech for the announcement, he is hoping these measures will act as a fillip to a rapidly declining construction sector, and therefore secure jobs in the building industry and the various associated sectors, right across the UK.

Mr Brown plans to extend a shared equity scheme to make home owning more affordable for first-time buyers.

He said this is part of a range of UK-wide measures aimed at helping those hit by the now global 'credit crunch'.

While those with mortgages who were hoping for a further cut in borrowing costs were left frustrated after the Bank of England kept interest rates at 5%, the Chancellor, Alistair Darling, and the Housing Minister, Caroline Flint, are set to announce a new package of measures to support home-owners facing difficulties.

As a result, the Prime Minister is to make affordable housing a centrepiece of the draft Queen's Speech to be unveiled next week.

While this is as part of the efforts to revive some measure of support among Labour voters, who deserted in droves at the local elections, Gordon Brown also aims to extend shared equity schemes after being pressed by some of his allies in the North-East.

They want to allow councils to embark on a major council-house building programme to create more homes for rent.

However, it may be too little, too late. Mr Darling has already been forced to announce an additional £9m over three years for debt advice provided by Citizens Advice Bureaux, which are reporting rising numbers of mortgage-payers running into financial trouble.

Ms Flint, the Housing Minister, will also soon announce measures to prevent a rise in repossessions, including expanded access to free legal representation at county courts for householders at risk of having their homes seized by banks or building societies.

(BMcC)