As expected there were no initiatives or announcements made in today's budget that created any real positives for the UK housing market. Stamp duty which has become punitive due to house price inflation during the lifetime of this Government remains as previously with one small exception.

The one positive for the housing market that the Chancellor did announce was that there will be no stamp duty on shared ownership homes until the owner owns 80 per cent of the equity.

Alistair Darling also confirmed in the budget that it will be launching a new shared-ownership housing scheme in April, which will see the old scheme extended to key workers who can only afford 50 per cent of a home.

The current Open Market HomeBuy scheme is available for those who can afford 75 per cent of a home.

Darling also reiterated his wish for more long-term fixed-rates, such as 10, 20 and 25 year fixed-rates, to be on offer in the mortgage market.

But in today's budget Darling had no further details to announce other than it would be seeking views in the mortgage market on how this could be done.

Darling says the Government will then report back in the next Pre-Budget Report.

"I will seek views on how we can deliver - drawing on international experience - the right framework for the UK to achieve affordable, long-term fixed rate mortgages", Darling adds.