BBC: David Cameron unveils LibCon Housing Strategy

Mon Nov 21 12:21:45 GMT 2011

KEY PROPOSALS AT TODAY'S CBI CONFERENCE
+ Mortgages of up to 95% of the value of new 
homes to be offered with government underwriting part of the risk
+ £400m public fund to help developers "unblock" stalled housing schemes
+ Largest discounts for social tenants wanting to 
own their properties under right to buy
+ More public sector land to be made available 
for building (government owned land given free to 
big developers until house is sold!!!)
+ Planning obligations on stalled projects reviewed
+ Up to £150m to help bring empty housing back into use

BBC: Housing: David Cameron vows to 'get Britain building'
21 November 2011 Last updated at 11:55  Comments (493)
http://www.bbc.co.uk/news/uk-politics-15810966
Housing Minister Grant Shapps said the scheme 
would not put the taxpayer at ''unreasonable risk''

First-time buyers of new homes will be able to 
borrow up to 95% of their value as part of plans 
David Cameron says will help get "Britain building again".
The mortgage indemnity scheme, in which 
government will underwrite part of the risk, could help up to 100,000 people.
The prime minister said it was part of a wider 
strategy to deal with an acute shortage of 
affordable homes and stalled housing projects in England.
Labour said it was "small beer" and did not compensate for earlier cuts.

'Get building'
Building more homes is one of the government's 
economic priorities, with the number of new ones 
being built at its lowest level since World War 
II, and with rents and prices remaining high 
while mortgage lending is restricted.
At the heart of the coalition's approach is a 
mortgage indemnity scheme which will enable 
first-time buyers and others to borrow up to 95% 
of the value of newly built homes, supported by government guarantees.
Addressing the CBI's annual conference in London, 
Mr Cameron said it was not his aim to create 
"another borrowing boom" but to help the many 
people who could not afford huge deposits needed to buy properties.
"When first-time buyers on a good salary cannot 
get a reasonable mortgage, the whole market 
grinds to a halt," he said. "And that ricochets 
around the economy, affecting builders, 
retailers, plumbers - all the people that depend 
on a housing market that is moving."
"If we don't do something like this we are not 
going to get this vital market moving... We will 
restart the housing market and get Britain building again."
Ministers will also intervene to support building 
projects which have been approved but delayed by funding problems.

New homes

A "Get Britain Building Fund" will see developers 
compete for £400m in funding to take forward 
"shovel-ready" projects which meet the right 
criteria, among them a commitment to affordable homes.
This initiative will begin in July and aims to 
lead to 16,000 new homes being built, providing work for 32,000 people.
It is hoped that about 450,000 mainly affordable 
homes will be built by 2015, many of them on 
publicly-owned brownfield sites, although the 
government is not setting any specific targets.
Other parts of the strategy include empty 
properties being brought back into residential 
use and new providers being encouraged to enter the social housing market.

Council house sales

To help potential buyers, tenants of social 
housing are to get the right to buy their home - 
a hallmark of the Thatcher government in the 
1980s - for as little as half the market price.
The money will then be used to build more 
affordable housing, with ministers saying they 
will build a new home for every home sold off in this way.
The House Builders Federation said the lack of 
mortgage availability since the 2008 banking 
crisis had been "the biggest constraint" on new 
homes and the indemnity scheme would help to address this.
"In recent years, many people have been unable to 
realise their dreams of buying a home because of 
the huge deposits required by lenders," its 
executive chairman Stewart Baseley said.
"This scheme will be allow people to buy their 
new home on realistic terms and help, in 
particular, hard-pressed first time buyers."

'Mismanagement'
But Labour said the government's "mismanagement" 
of the economy was holding back housebuilding.
"I am afraid it is rather small beer in its 
scale," said chancellor Ed Balls said. "It is a 
£400m boost, but George Osborne last year 
announced a £4bn cut in housing spending."
The opposition have urged ministers to levy a 
£2bn tax on bank bonuses to pay for 25,000 new 
homes and 100,000 new construction jobs for young 
people, as part of their five-point plan for boosting growth.
Single mum Kylie Bennett has recently split up 
with her partner and urgently needs somewhere to live
"I think most people would say that with bank 
bonuses still very high repeating that tax for 
£2bn and using it in that way would be a much 
better way to spend the money and a good boost to jobs and housing."
Just 121,200 new homes were made available in 
2010-11, 6% fewer than the previous year.
Although the decline was not as sharp as in the 
previous year when the number of new builds and 
conversions fell by 23%, Labour say the 
government has failed to get a grip on the 
problem in its first year in power, and the 
situation has got worse in some parts of the country.
http://www.bbc.co.uk/news/uk-politics-15810966 
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