FTBs braced for housing ‘revolution'

Published 22nd Jul 2008

A radical amendment to a new housing bill could have a major positive impact on the cost of housing.

A scheme to deliver more affordable homes for young families and first-time buyers was set out yesterday by Housing Minister Iain Wright.

Under a new ‘radical' amendment to the Housing and Regeneration Bill, new Community Land Trusts (CLT) will be able to cut the cost of getting on the housing ladder as buyers will only pay for the building, not the land, of a property.

A CLT is an independent trust which owns or controls the land and facilities, but not the property, for the benefit of the community.

CLTs puts communities in the centre stage in agreeing what land should be developed for, including building more affordable homes, as local residents and businesses participate in and take responsibility for planning and delivering development schemes.

The new measure is part of the next steps in the Government's series of further measures and reforms designed to help alleviate the current challenges in the housing market and to support the vital delivery of more homes over the long-term.

It is also a big feature of the Government's drive to deliver a fundamental shift in power, influence and responsibility into the hands of communities and citizens.

Housing Minister Iain Wright noted: "We have to constantly look at new ways to meet the long-term demand for more homes.

"Community Land Trusts puts local communities at the centre stage of delivering the homes our first-time buyers and young families desperately need.

"They provide an opportunity to give people the practical tools to solve the problem of affordable housing in a way that is right for the community."

Source: ' TMC '

View All Latest News