A new Government report “Laying The Foundations: A Housing Strategy For England” contains details of new policies intended to revive the UK residential property construction industry and rectify the shortage of available homes.
First-time buyers are set to have mortgages underwritten by the Government and thousands of homes will be built under Government new £400 Million plan, targeting stalled house building schemes aims to break the current cycle in which lenders won’t lend, builders can’t build and buyers can’t buy.
More public land is being earmarked for development as well as money to bring empty houses back in to use. The Government study includes measures to help first-time buyers (FTB) access larger UK mortgages and mentions controversial policies like improving right-to-buy council house discounts.
The UK coalition Government’s Prime Minister David Cameron and his deputy Nick Clegg have said their housing strategy is intended to help people who play by the rules so that they can expect to own a decent home of their own, and also to back construction and introduce the dream of home ownership for more people
Under the £400 million Get Britain Building fund, builders struggling to get finance for developments will be supported so that plans for up to 16,000 houses. It is intended that 3,200 of those built should be affordable homes for first time buyers (FTBs).
The Government announcement comes as construction in the UK is at its lowest level since the Second World War, with tight restrictions on mortgage lending and rent and purchase prices both remaining high.
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