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First-time homebuyers are to get further financial support as part of Gordon Brown’s autumn relaunch.
The Government is expected to expand its “Homebuy” scheme for first-time buyers shut out of the housing market as a result of the year-long credit crunch. Prospective homeowners will be given support to buy new-build homes as part of an expansion of the Government’s shared-equity schemes. A scheme to help consumers with crippling gas and electricity bills is expected to follow later in the week.
Funding for the emergency housing package has already been signed off by Alistair Darling, who has agreed to release hundreds of millions of pounds’ worth of funds from an £8.4 billion pot for affordable housing ahead of time.
Treasury aides said that a decision on whether to suspend stamp duty would “go down to the wire”. If Mr Darling does opt to waive it, he will do so only for the 1 per cent on houses up to £250,000.
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