Stamp duty

Threshold at which stamp duty is payable on house purchases to rise from £125,000 to £175,000 for one year, starting tomorrow. Move is expected save around 500,000 homebuyers between £1,250 and £1,750 each.

Cost: £600 million

Repossessions

Times Archive, 1983: Chancellor considers options for reducing burden

Stamp duty as it is now applied is unfair because it produces large jumps in taxation as the cost of a property crosses a threshold

• Home is where the money should be

• Times Archive, 1983: The ups and downs of the market

Related Links

• Analysis: stamp duty winners and losers

• Q&A: What the housing rescue package means for you

• Pound falls to new low ahead of Brown rescue deal

Multimedia

• Red Box analysis - the sums are small

A Mortgage Rescue scheme to allow homeowners in England facing repossession to sell their home to a registered social landlord, who will rent it back to them at a level they can afford. The scheme will include an option for the RSL to buy only a part share in the property, or to provide an equity loan to reduce the cost of homeowner's mortgage repayments. Move is expected to support up to 6,000 vulnerable families in their homes.

Cost: £200 million

First time buyers

A HomeBuy Direct scheme, which will help first time buyers in England earning less than £60,000 a year to buy new-build homes with an equity loan, free for the first five years, of up to 30 per cent of the purchase price. If not paid off after five years buyer must pay a 3 per cent fee, and after ten years will be charged interest on outstanding balance at Bank of England base rate, rising annually by a rate linked to RPI. To be co-funded by the Government and the developer. Expected to help 10,000 first time buyers.

Cost: £300 million

Social housing

Diverting and accelerating funds to provide social housing in England. Councils which manage their own housing stock to be allowed to apply for a grant to build social housing alongside RSLs. Expected to provide an extra 5,500 social homes.

Expected extra spending power for councils: £400 million

Income support

Waiting period before Income Support for Mortgage Interest is payable to the newly unemployed is to be shortened from 39 weeks to 13 weeks, with ceiling for working age claims raised from £100,000 to £175,000. Will not come into effect until April 2009, however. Expected to stave off around 10,000 home repossessions.

Cost: £100 million

Explore UK News

• Crime News

• Education News

• Health News

• Science News

• Scotland News

Times Recommends

• Swine flu vaccine for all as drug rushed through
• Artificial sperm and the race to build a baby
• BBC jets out stars to tout for prizes