Construction NewsConstruction Directory S Jones Container Services Ltd
Sutcliffe & Co Ltd Airseal Insulation Ltd Go Geothermal Kolorseal ltd Rivet Holdings Ltd ONTIME Shop Display Systems Ltd Inspired Structures Ltd Lock Solid Locksmiths Heaton Products Ltd Grp Flat Roofing Castironradiators.biz TNT & Son Commercial Cleaning Ltd Heskins Ltd CNC Kwiknail Spectrum Installations Ltd

United Kingdom Industry News

13/03/2012

Federation Welcomes Two New Govt Schemes

The Federation has welcomed two Government schemes announced today to help people buy their own homes.

The NewBuy Guarantee will put together the Government, high street lenders and building firms to allow prospective homeowners to get a 95% mortgage to buy a new-build property.

House builders involved in the scheme will pay 3.5% of the sale price into a fund, while the Government will guarantee another 5.5% - bringing the fund to 9% of the sale price.

If a buyer defaults on payments and the value of the property does not cover the mortgage, the lenders will be able to access the fund. The Government will only step in if the house builder's contribution is insufficient.

The reinvigorated Right to Buy scheme will give social housing tenants a discount of up to £75,000 to help them buy their own homes. Properties that are sold will be replaced by new homes set at near-market rents.

- - - - - - Advertisement - - - - - -
hss

However, setting a flat national cap for the level of discount does not take into account different house prices across England. This could affect lower-value areas where the money generated from social housing sales may not be enough to replace those homes.

The Government also recognised that, as independent organisations, housing associations retain control of how to use their receipts.

Federation Chief Executive David Orr said: "We're delighted the Government is recognising that housing can play a major role in delivering economic growth.

"NewBuy will increase house builders' confidence, boost levels of new housing supply – which will create new jobs - and help people currently faced with high deposits save enough money to buy their own home.

"The redesigned Right to Buy scheme should help people realise their aspirations of home ownership.

"With 4.5 million people on waiting lists, it is crucial the scheme replaces the homes sold, one-for-one, as soon as possible. Otherwise we’ll never get to grips with England’s housing crisis.

"The Government needs to provide a system of caps that reflects local variations in house prices, and introduce a fixed time period within which Right to Buy receipts must be reinvested in new homes."

(CD)

Bookmark and Share

Top Stories
17/04/2014
Balfour Beatty Begin On £11.6m Project
17/04/2014
Plans Approved To Redevelop The Warner Stand
17/04/2014
Building Starts On Manchester Leisure Centre
17/04/2014
£68m Improvement Scheme Announced For A477
17/04/2014
'Custom Build' Homes Come To Peterborough
17/04/2014
Work On DLR Pudding Mill Lane Station Nears Completion
17/04/2014
Fitter Given Suspended Sentence For Illegal Gas Work
17/04/2014
LED Lamp Prices Fall By Almost 10%
16/04/2014
Mace JV Wins Sellafield Deal
16/04/2014
Construction Activity To Grow 18% By 2017 - CPA
Construction News Archive
Submit News Story
Editorial Staff
home
UK Construction Industry News
Balfour Beatty Begin On £11.6m Project
Plans Approved To Redevelop The Warner Stand
Building Starts On Manchester Leisure Centre
£68m Improvement Scheme Announced For A477
'Custom Build' Homes Come To Peterborough
Work On DLR Pudding Mill Lane Station Nears Completion
Fitter Given Suspended Sentence For Illegal Gas Work
LED Lamp Prices Fall By Almost 10%
Mace JV Wins Sellafield Deal
Construction Activity To Grow 18% By 2017 - CPA
Peterborough Residents Save Thousands On Energy Bills
Major Environmental Improvements Made On The Gateway Route
Subscribe to email news

national News
House Of Commons To Debate Second Reading Of High Speed Rail Bill
RMT Announce Five Days Of Strike Action Over Closures
Co-Op Group Announce £2.5bn Loss
Life For 21-Year-Old Who Beheaded His Girlfriend
Met Report 'One Of The Biggest Gun Hauls Ever'
Stagecoach To Axe 14 Services And Reduce Others
Lorry Driver Arrested Over M26 Pile-Up
UK Women Endure Worst Sexism
Liverpool Remembers Hillsborough Victims
Manchester City Players The Best Paid In Global Sport
Liberton High School To Reopen After Teen Death
Hague Warns Russia Could Face Isolation
163% Increase In Foodbank Use - The Trussell Trust
Other News In Brief
Construction News Archive
download the build app from the app store
Traffic is ABC certified
ppa.co.uk
Roofcraft UK Ltd Abbotswood Flooring Nu-Heat Underfloor and Renewables GSS Flooring Ltd Stone Supplies (Southern) Ltd Pennant Buildings K B B C Oliveti Cubicles Renderplas Ltd Storage Aspects Limited Gaytsmaid Strongman Tools Ltd Roofing Contracts & Building Limited Walltransform Limited Econowall Silver Trowel Ltd
Mercedes-Benz UK Ltd (Approved Used Commercials)
Flagship Media Group Ltd
Unit C3, 6 Westbank Drive, Belfast,
BT3 9LA, Northern Ireland
Tel (+44) 28 9031 9008
Contact : Click here
Website Terms and Conditions

keycons003 / keycons003x16 18/04/2014 19:37:51 / A10 / B1 / 0.0234375, 54.81.129.89 / BOT1

Federation Welcomes Two New Govt Schemes - The Federation has welcomed two Government schemes announced today to help people buy their own homes.