Housing Corporation money will be used to turn completed private homes into social housing units

The government is to use 拢200 million of Housing Corporation funding to prop-up ailing housebuilders by buying completed homes and turning them in to social housing.

The announcement was part of a raft of initiatives designed to reinvigorate the housing market, announced in the wake of Gordon Brown鈥檚 draft Queen鈥檚 Speech today.

These initiatives include expanding the government鈥檚 shared ownership programme 鈥� called home-buy 鈥� so that all first-time buyers earning less than 拢60,000 are eligible to access it, not just identified 鈥渒ey workers鈥�.

However, the government is not going to provide any extra money for the programme, meaning the overall amount of people benefiting from shared ownership is unlikely to increase.

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