The housing market rescue packages unveiled by the government yesterday (September 2nd) have been welcomed by many industry experts.

Among a raft of measures, prime minister Gordon Brown announced a year-long free on stamp duty for those buying houses worth under £175,000, while ”free” five-year loans worth up to 30 per cent of a new property’’s value for first-time buyers in England are also on offer.

Ruth Davison, director of campaigns and neighbourhoods at the National Housing Federation, said that the scheme was "excellent news" for the social sector.

She told the Guardian: "It will be fair, transparent and just – and will help ensure that thousands of families will be spared the stress, trauma and misery of repossession."

It was also welcomed by the Chartered Institute of Housing and the Royal Institute of Chartered Surveyors.

Meanwhile, the Times reports that shares in struggling construction firms - who have cut a number of housing jobs recently - rose as a result of the government announcement.

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