As Prime Minister Theresa May commits to renewing the British dream of owning a home, she has revealed the government will be expending a further £2 billion on affordable housing.
It was recognized by May at the Conservative Party Conference in Manchester, that while the boom in the housing market had benefited some,
“for many, the chance of getting onto the housing ladder has become a distant dream”.
May has said that 59% of 25-34 year olds owned their own home just over 10 years ago.
However now that figure is 38%
May said that she believes;
“the dream that life should be better for the next generation as much as any mother. Any father. Any grandparent”.
Committing her leadership to restoring prospect of “fixing the broken housing market”, May said she would use her “privileged position” to bring the home ownership dream to life.
The measures that have already begun where mentioned by May.
The Help to Buy scheme, introduced as it will take time to translate more housebuilding into more affordable house prices, and the housing white paper, that was announced in February.
housebuilding into more affordable house prices, and plans in the housing white paper, announced in February.
May told the conference:
“But the election result showed us that this is not nearly enough. We’ve listened and we’ve learned.”
An additional £2 billion is anticipated to be designated to affordable housing
May has said that to provide certainty over future rent levels, councils and housing associations are encouraged to bid for the money.
“And in those parts of the country where the need is greatest, allow homes to be built for social rent, well below market level … A new generation of council houses to help fix our broken housing market.”
May has stated that it will not be quick or easy, but she is making it her “mission” to solve the housing crisis;
“make the British dream a reality by reigniting home ownership in Britain once again. And let me say one more thing. I want to send the clearest possible message to our housebuilders. We, the government, will make sure the land is available. We’ll make sure our young people have the skills you need. In return, you must do your duty to Britain and build the homes our country needs.”
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