Insurance News Archive
House building boosted by shared equity
The Office of the Deputy Prime Minister (ODPM) has announced that it will allocate £970 million of funding for shared equity.
At the same time, Yvette Cooper, the housing minister is encouraging local authorities, housing associations and builders to offer shared equity for holdings as low as 25 per cent.
At a shared equity conference, Ms Cooper explained about homebuy agents, which are one-stop shops to give first-time buyers advice on how the programme can help them.
The basic idea of the scheme is that homebuyers buy a part-share in properties, with the remainder of the cost being supplied by lenders and landlords.
She also announced a shared equity task force in order to examine the potential for the development of the scheme.
The new measures, which are being promoted under the banner of the National Affordable Housing Programme, are set to provide around 35,000 new homes over the next two years.
A separate affordable housing pilot is also to be trialled in London to help people to escape from expensive temporary accommodation.
© Adfero Ltd
03 Apr 2006