Brown admits that UK housing market is screwed:
BBC NEWS | Politics | Brown unveils cheap mortgage plan:
More than 100,000 people could get onto the property ladder in the next five years thanks to a part-ownership plan, Chancellor Gordon Brown has said.
Buyers would have to raise as little as half the cost of homes sold on the open market, he said.
The remaining equity in the house would be shared by the government and the bank or building society.
So, you owe the bank for half your house, it owns another chunk outright, and the government owns the rest. Nice, simple solution there, Gordon.
I'm not sure I get it yet.
Do you get to live in the other half of the house that you don't own rent free?
Won't the market just respond by increasing entry level prices so that they are only just affordable by these newly subsidised buyers.
What seems odd to me is that it goes entirely unquestioned whether owning property is the best investment for everyone. It's staggeringly irresponsible to shill this form of investment just as the residential housing market has peaked. Anyone who takes out these loans should ask who gets the negative equity?
It's a last-ditch attempt to keep the market from crashing, if you ask me.
so how would i find out more on them buy half of my house
I think this manifested as the housing association scheme, with part rent / part buy.
I love my home it belongs to me and my ex partner the time has come to sell up .I dont have the money to pay him his half can the bank buy half my home anyone with any info ?