Secretary of State for Communities and Local Government, Sajid Javid, has released the Housing White Paper and spoken in the House of Commons.
Javid said “The government recognises the housing market is broken.” He went on to say it was one of the biggest barriers to social progress.
The emphasis will be placed more on the rental market as an alternative to home ownership.
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- Target is to build 1 million new homes by 2020 at a rate of 250,000 a year and to encourage more affordable rental properties through a Build to Rent Scheme. Affordable being defined as 20% below market value
- Incentives to landlords for ‘family friendly’ three year guaranteed tenancies to be offered to tenants in an effort to increase stability and security for those families that want it.
- Encourage institutional investment in the Private Rented Sector
- A £3bn fund to help smaller building firms compete against major developers and to support Pre-fabricated off-site construction with building kits assembled in factories.
- Reducing the time allowed between planning permission and the start of building from three to two years
- Require all councils to make an honest assessment of the housing need in their area and to plan on that basis including the need of first time buyers and the retired looking to downsize.
- A lifetime ISA to help first time buyers save for a deposit with a 25% bonus on up to £4,000 of savings a year.
- Green belt protection will not be weakened apart from exceptional circumstances
Labour asked “Is this it”? and accused the Paper of being Feeble.
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