Housing Strategy
At the end of last year the Government published its strategy designed to revive the house building industry and the housing market. Here, James Menzies from our Social Housing Team gives us the highlights:
The Government’s housing strategy was announced in November last year and is clearly aimed at giving the house building sector and the wider economy a much needed shot in the arm. Here are the top line details:
- A new £400m “Get Britain Building” fund intended to deliver 16,000 new homes on sites which already have planning permission but where work as stalled
- 3,200 of these units to be affordable housing
- The introduction of a “Mortgage Indemnity Scheme” for first time buyers of new build homes, with mortgages underwritten by the Government
- The release of more public sector land for house building
- Plans to force high earners living in social housing to pay market rates
- Moves to criminalise the sub-letting of social housing
- The extension of the right to buy scheme for existing council tenants
- Greater investment in the private rented sector
- A £50m pot to tackle the problem of empty homes
- £30m funding support for self-builders
- New measures to help elderly people adapt their homes
To find out whether the housing strategy is indeed a much needed boost, click here for a full article.
James Menzies can be contacted at jamesmenzies@stones-solicitors.co.uk
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