Budget date revealed as Gove hints at new housing policies

The date has been set for the Spring Budget - the last before the General Election. 

It’s to be on Wednesday March 6 at around 12.30pm and as usual the announcements are to be accompanied by an independently-prepared economic summary from the Office for Budget Responsibility.

The news of the Budget date comes as the government has leaked possible policies to newspapers, with the emphasis on schemes to woo votes from first time buyers.

The Times reports that Housing Secretary Michael Gove says there will be “definitely” be schemes aimed at boosting demand from younger would-be buyers.

These include much longer term fixed rate mortgages with government guarantees against default - similar to loans currently available in the United States.

Gove tells the paper: “We have been asking the question, how can we ensure that people with decent incomes who are finding it difficult because of the scale of deposit required to get on the ladder?

“I don’t want to pre-empt anything but it’s about looking at some of the rigidities in the mortgage market that they don’t have in other jurisdictions.”

Other options include a new version of Help To Buy, which used to offer first time buyers equity loans for up to 40 per cent of the purchase price of properties with the need for only five per cent deposits.

The Times also speculates that the government is considering changes to stamp duty to help FTBs further.

YouGov polling for The Times shows only 11 per cent of 24 to 49 year olds say they will vote Conservative at the next election; 43 per cent of over-65s say they will.