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News Release from: Chartered Institute of Building [CIOB] | Subject: Shared Equity Task Force
Edited by the Buildingtalk Editorial
Team on 10 April 2006
Shared Equity Task Force examines
expansion
Shared Equity Task Force will identify the longer term potential for shared equity schemes.
From the beginning of this month the new Home Buy scheme will give an opportunity to tenants of social housing, key workers and other priority first-time buyers to buy an equity share in a home Social Home Buy will enable tenants of local authorities and housing associations to buy a share in their current home at a discount
This article was originally published on Buildingtalk on 12 Mar 2004 at 8.00am (UK)
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New Build Home Buy will enable people to buy a share of a newly built property, paying rent on the remainder.
This includes the first time buyers initiative which uses public sector land.
Open Market Home Buy will enable people to acquire a property in the open market with the help of an equity loan.
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The Shared Equity Task Force led by Yvette Cooper from ODPM and John Healey from the Treasury will identify the longer term potential for shared equity schemes.
It will look at the potential for Government intervention in the shared equity market, particularly what scope there is to work in partnership with the private sector.
The aim is to increase the number of people able to benefit from shared equity programmes and help the growing number of intermediate' households, building on the success in helping key workers into home ownership.
It is estimated that incomes in over one million households are too high to qualify for housing benefit but too low to buy a home of their own.
Government believes there is significant potential for shared ownership schemes to bridge this gap between social renting and full homeownership.
The taskforce will identify what the potential constraints may be to widening shared equity schemes to benefit more people.
It will increase the knowledge base, identify the Products currently available and in development, consider the potential for take-up and assess the impacts and benefits of increased shared equity programmes on the housing markets and the wider economy.
The taskforce will be assisted by an expert advisory panel which will include representatives from the finance industry, house builders, local authorities and housing associations.
A number of experienced practitioners and academics have already agreed to sit on the advisory panel.
They include: David Pretty (Barratts); Peter Williams (Council of Mortgage Lenders); Kate Davies (Notting Hill); also Steve Wilcox (University of York), Julie Cowans (Joseph Rowntree Foundation)and Sarah Webb (Chartered Institute of Housing).
It is expected that the taskforce will report by the end of this year ahead of the 2007 Comprehensive Spending Review.
Consultation promised on water efficiency in new build homes.
New proposals to drive up water efficiency in new and existing houses will be the focus of a consultation to be issued this Summer.
Regulations on water efficiency will apply to new homes, the extension and refurbishment of existing homes and to the refitting of bathrooms and kitchens.
With water consumption in new houses estimated as 25 to 30 per cent lower than in conventionally built houses, and technical solutions available for achieving even more demanding reductions, regulatory or voluntary mechanisms - or a combination of both - are considered necessary for increasing take-up of water saving measures.
The consultation will set out the means by which higher standards of water efficiency can be achieved and will consider the scope for regulation within water fittings regulations and building regulations, as well as setting a clear relationship with the Code for Sustainable Homes.
This will extend ODPM and DEFRA's joined up approach to the development of new buildings and the improvement of existing ones, where Ministers believe there are enormous benefits to be achieved.
They are convinced that the new regulations will make an important contribution to establishing sustainable communities.
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