450,000 new homes to be built by 2015

21 November 2011

David Cameron is expected to announce plans to build up to 450,000 affordable homes by 2015.

Long awaited government plans to turn ex-industrial sites largely into affordable housing are to be detailed in a housing strategy paper.

The Guardian has reported that the Prime Minister is also expected to support plans for a government backed mortgage scheme designed to financially protect first-time buyers against loss.

This mortgage indemnity scheme will see the government covering any risk for the lender, allowing first-time buyers to borrow larger mortgages.

The plans also follow in the footsteps of the Scottish government by allowing people to use pension fund money to increase deposits.

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