Unfortunately, there was little in the Budget to boost the housing market but that didn't stop the press picking over the small print.
Melanie Bien, spokeswoman for Savills Private Finance, was quoted in several articles (see below) while Richard Stone, director of affordable housing arm SPF Sherwins, also commented on the measures concerning shared equity.
The Times (24/04/09) took a closer look at the Budget's likely impact on the housing market. Melanie Bien said: 'There was nothing to specifically address the issue of a lack of high loan-to-value mortgages, although guaranteeing new mortgage-backed securities should improve the mortgage finance that is available. It is not so much the shortage of homes that is the issue, more the shortage of mortgage finance.'
The Telegraph (25/04/09) looked at the stamp duty extension until the end of the year. Melanie Bien said: 'This will help some first-time buyers struggling to get on the housing ladder. But this doesn't go far enough. In not extending the stamp duty extension to all properties, not just those costing less than £175,000, the Chancellor missed a big opportunity to boost the housing market. £175,000 simply won't buy you much in the south-east or London, even after the significant house price falls seen since the peak in 2007.'
In the Financial Times (23/04/09), Melanie Bien commented on the chancellor's decision to guarantee £50bn of new mortgage-backed securities: 'There is not enough lending being done by balance sheet lenders - the reopening of the securitisation market is vital in encouraging more lenders to lend, not just the small handful that are part-owned by the government.'
In the Observer (26/04/09), Richard Stone, director of SPF Sherwins, commented on the decision to allocate £80m towards HomeBuy Direct.: 'The new funding for HomeBuy Direct is baffling. Why is no more money going to the other, far more popular scheme, MyChoice HomeBuy? We are being told by some housing associations to put a hold on new enquiries.'