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[22/11/11]Government's Housing Strategy for England: Laying the Foundations
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Government's Housing Strategy for England: Laying the Foundations

The Government have now launched their aptly titled Housing Strategy for England, ‘Laying the Foundations’, which includes help for home buyers, help for housebuilders, improving fairness in social housing, support for the private rented sector and action on empty homes.

Most noteworthy is the Government’s support for a new 95% LTV mortgage scheme for new home buyers, which the Home Builders' Federation (HBF) deem to be ‘the key to unlocking home buyer demand’. It will offer a helping hand to 100,000 prospective buyers struggling to get on to the property ladder due to the need for large deposits. Under the new proposals, homebuyers will be able to buy any new house or flat, excluding second homes and buy-to-let, from a home builder signed up to the scheme with a 5% deposit, provided they meet the lender’s underwriting requirements. In addition, the Government will also consult on proposals to increase discounts under Right to Buy, providing an opportunity for social tenants to buy the homes they live in. The receipts from Right to Buy sales will be used to support funding for new affordable homes for rent on a ‘one for one’ basis, creating an estimated 100,000 new homes and 200,000 jobs.

There is also encouraging news for housebuilders and, in particular, affordable housing providers who will be in line to share £1.8 billion cash to develop new affordable homes. The Government aims to deliver up to 170,000 new affordable homes across the country over the next four years, with the first £1 billion worth of contracts confirmed under the Affordable Homes Programme. Support will also be given to Councils and communities seeking to deliver new, larger-scale developments that meet the growing needs of their communities. The Government will seek to provide housebuilders with greater certainty and give communities a stronger say, which will be facilitated by streamlined planning processes.

For more information click below:

http://www.communities.gov.uk/news/housing/2033734

The Government’s strategy document can be accessed from the following link:

http://www.communities.gov.uk/documents/housing/pdf/2033676.pdf

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