The £12billion boost to build 180,000 affordable homes: Robert Jenrick announces plan for huge construction projects across the country to help couples get on the housing ladder
- Housing Secretary Robert Jenrick announced a £12billion boost for housing
- Scheme would provide up to 180,000 new ‘affordable’ homes across the country
- Government plans to make it easier for families to get on the housing ladder
Robert Jenrick unveiled a boost to home ownership last night as he launched plans to build tens of thousands of affordable houses to buy.
Billions of pounds of funding will be ploughed into a scheme to provide up to 180,000 new homes across the country, should economic conditions allow, the Housing Secretary said.
For the first time, half of these will be homes available to buy.
Housing Secretary Robert Jenrick announced a £12billion boost for housing last night as he launched plans to build tens of thousands of affordable houses to buy
Mr Jenrick also unveiled reforms to make it easier for people to get on the housing ladder via shared ownership schemes.
This will reduce the minimum initial share that can be bought in a property from 25 per cent to just 10 per cent.
He also said new rules will be brought in to make all new homes more accessible for older and disabled people.
He said: ‘Today’s announcement represents the highest single funding commitment to affordable housing in a decade.
‘Helping families get on the ladder’: Around half of the new homes built will be available for affordable ownership in a bid to help people onto the property ladder
‘This Government is helping hard-working families and prospective first-time buyers get their feet on the housing ladder in an affordable way.’
House prices jump to record new high: Prices top record £245k
By James Salmon Associate City Editor
A mini boom in the property market post-lockdown has pushed house prices to a record high, Britain’s biggest mortgage lender has found.
Halifax revealed average house prices have topped £245,000 for the first time.
It said lifting lockdown has unleashed ‘pent up demand’ for new, bigger homes while buyers have also rushed to take advantage of the stamp duty holiday.
House prices rose 1.6 per cent – or almost £4,000 – to a record average of £245,747 last month, Halifax said.
But Russell Galley, managing director of Halifax, warned: ‘Rising house prices contrast with the adverse impact of the pandemic on household earnings and… we do expect greater downward pressure on house prices in the medium-term.’
Experts fear rising unemployment when the furlough scheme ends will hit demand.
From the Mail, September 3
The £12.2billion overall investment in affordable housing was confirmed in the Budget.
The homes will be available from next year, with around half available for affordable home ownership and the rest available for discounted rent, including 10 per cent for supported housing for those with physical or mental health challenges.
Mr Jenrick also announced a new model for shared ownership with the minimum initial share reduced to 10 per cent.
Tenants will then be able to buy additional shares in their home in 1 per cent instalments.
A Right to Shared Ownership will be available on the vast majority of rented homes delivered through the new programme, providing tenants with a pathway to ownership.
Ministers will also consult on plans to raise housing standards for elderly and disabled people.
A higher minimum standard would include requiring a living area at entrance level and step-free access to all entrance level rooms and facilities, wider doorways and corridors as well as clear access routes to reach windows.
It would also include features to make homes more easily adaptable to a wide range of occupants, including older people, those with reduced mobility and some wheelchair users.
This would involve bathrooms and toilets in which grab rails can be easily installed and stairs designed to allow a stair lift to be fitted easily.