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Pre-Budget 2005: Top three banks and societies back shared equity scheme

The UK’s three biggest building societies and banks have backed the government’s shared equity schemes.

Gordon Brown has also revealed that the top four UK building firms are involved involved and the Government is in discussions with a number of investment companies to provide backing for the scheme. It is also looking at a possible role for housing associations.

He says: “”We know that shared equity has an increasing role to play in helping young couples in all our constituencies get on to the first rung of the housing ladder, and I can tell the House how we plan to extend shared equity schemes.

“I can announce that three of the biggest building societies and banks have joined the Government as partners in shared equity; that building companies, including four of the biggest builders, are also now able to offer shared equity purchases; that we are now in discussions with investment companies on their possible involvement; and that we see a future role for housing associations in extending shared equity.

“Our aim: a new consensus across our country on the extension of homeownership and affordable housing – public and private sectors working and investing together to strengthen our economy, protect the environment and meet the housing needs not just of some but of all.”

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