Government to buy half your house for you

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.

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