Caroline Flint has just announced a new £200m fund to buy unsold properties from desperate homebuilders and then rent them to social tenants.
By my calculations, that money could buy…..less than 1,000 average British homes.
In a country of more than 50m people, this is the equivalent of a finger in the dyke.
The government’s other measure to prop up the housing market is no more impressive.
It is - as I predicted in this morning’s FT - opening up shared equity schemes to more first time buyers. I hope, for their sake, the youngsters ignore this temptation - at least until prices have fallen by 10 per cent or more.*
* The government’s own prediction, as spotted on Ms Flint’s cabinet briefing notes yesterday.
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