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News Release from: Chartered Institute of Building [CIOB] | Subject: House building boosted
Edited by the Buildingtalk Editorial
Team on 29 March 2006
House building boosted
House building boosted by shared equity and more rented homes.
As forecast in the Budget statement, the Deputy Prime Minister's Office has announced allocation of £970 million funding for shared equity to help 35,000 first-time buyers into home ownership At the same time the Housing Minister Yvette Cooper is inviting housing associations, local authorities and builders, as well as building societies, to offer shared equity for holdings as low as 25 per cent
This article was originally published on Buildingtalk on 12 Mar 2004 at 8.00am (UK)
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Speaking at a shared equity conference, Ms.Cooper gave details of 23 new 'homebuy agents'.
These are described as one stop shops to give first time buyers advice on how they could be helped by the new scheme.
The basic idea is to buy a part-share in properties with the remainder of the cost being supplied by lenders and registered social landlords.
The Minister also announced a Shared Equity Task Force to examine the potential for development of the shared equity principle.
These measures, under the banner of the National Affordable Housing Programme, are set to promote construction of 35,000 low cost homes, as well as the funding recently announced for building 49,000 additional social homes to rent over the next two years.
An extra homes pilot scheme is also being tried in London to help people out of expensive temporary accommodation.
The Government has also concluded a deal to build around 10,000 new homes including shared equity units at a former Ministry of Defence site at Northstowe in Cambridgeshire.
The land is being transferred to English Partnerships which is working with local agencies to deliver the new homes.
This latest use of surplus public sector land for housing will be the first 'examplar' development in the growth areas with high eco-standards, including micro-renewable technology contributing to a 50 per cent reduction in energy and water use.
£200 million boost for North East.
The North East Housing Board has also revealed details of a programme for over £200 million worth of worth of work to revitalise housing in the region over the next two years.
The announcement stresses that this time the money being allocated to the local authorities - nearly £100 million in all - will be in the form of grant and not permission to borrow as previously.
The remainder of the funds will go to housing associations and registered social landlords via the Housing Corporation.
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