Government to buy half your house for you

Adam Tinworth
Adam Tinworth

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.

Technorati Tags: economy, politics, property, UK

Adam Tinworth Twitter

Adam is a lecturer, trainer and writer. He's been a blogger for over 20 years, and a journalist for more than 30. He lectures on audience strategy and engagement at City, University of London.