Prime Minister David Cameron’s plan to bolster U.K. homebuilding through investment and mortgage guarantees was hailed as a “lifeline” by an industry group after it was introduced yesterday. Shares in all the largest house builders fell.
Loans to U.K. first-time homebuyers could double if insurers offered protection to banks against borrowers defaulting, according to Lloyds Banking Group, the U.K.’s largest mortgage provider.
Bovis Homes Group Plc, a U.K. homebuilder, said sales are improving faster than expected this year as government initiatives to boost homebuying start to have an effect.
U.K. stocks slipped, after the FTSE 100 Index posted its largest weekly gain in seven weeks, as lower-than-forecast euro-area manufacturing data outweighed rising mining companies.
"This will be a very rich channel for us to find potential customers."
- Barratt Developments Plc on Jan 22, 2012