Help for home owners

17 July 2008

Housing Minister Caroline Flint has announced further measures to address the current problems in the housing market.

Measures include:

A new scheme called Rent to Home buy, which will allow eligible first time buyers to rent a property at a discounted rate with the option to buy it later
The introduction of four new partnerships between councils and the private sector to build more homes, 50% of which must be affordable, in Barking and Dagenham, Newcastle, Nottingham, and Manchester
A pledge to deliver up to 75,000 homes in 20 more towns and cities by 2016
Rewarding councils who are working to bring land forward for development
Confirmation that more funding, to buy unsold stock from house builders for affordable homes, could be made available in the future
New plans to examine proposals for mortgage rescue schemes and the wider role that social housing providers could play in supporting home owners
A new advice leaflet for home owners containing all the up-to-date details of major national money, debt and legal advice agencies.

In response, Shelter’s chief executive, Adam Sampson, said:

‘This package of measures shows the Government is committed to finding practical solutions to Britain’s housing crisis, from help for first time buyers and struggling homeowners to ensuring the house-building industry keeps building.

‘But solutions can only be achieved if the private sector works with local authorities to make best use of public land being made available for development.

‘Buying up surplus housing stock offers a quick-fix way to generate more affordable and social rented homes’, he added, ‘but they must be the right homes in the right places if they are to make a difference to hard working families.

‘The Government is moving in the right direction, but to make real progress, they and mortgage lenders must work together to get the market moving by making mortgages available again for first time buyers and anyone else wishing to move’.