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Cameron vows to get “Britain building again”

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November 21 2011

Cameron vows to get “Britain building again”
David Cameron has pledged to directly intervene in Britain’s snarled up housing market in a bid to resuscitate the moribund industry.

The Prime Minister is planning a taxpayer backed scheme to underwrite the borrowing costs of up to 95% of a new home’s value in England – a move which could help 100,000 people buy their own home.

A ‘get Britain Building Fund’ will also see developers compete for a slice of a £400m cake to bring forward “shovel ready” projects which meet affordable homes criteria.

More emphasis will also be placed on bringing empty properties back into use and increasing the range of social housing providers.

Social housing tenants will also be given the opportunity to purchase their homes for as little as half their market value.

It comes as figures reveal that house building in Britain has reached its lowest level since World War 2 with just 121,200 homes added to the market over 2010-11.

Addressing the CBI’s annual conference in London Cameron said: “When first-time buyers on a good salary cannot get a reasonable mortgage, the whole market grinds to a halt.

"And that ricochets around the economy, affecting builders, retailers, plumbers - all the people that depend on a housing market that is moving.

"If we don't do something like this we are not going to get this vital market moving... We will restart the housing market and get Britain building again."
Britain's self build industry is aneamic by international standards
Britain's self build industry is aneamic by international standards
median affordability ratios, 2000 and 2010
median affordability ratios, 2000 and 2010

2 Comments

richard heggie
#1 Posted by richard heggie on 21 Nov 2011 at 16:25 PM
Does 'Get Britain Building Fund' mean 'Get England Building Fund' or does it apply across the UK? We seem to be a step ahead of this already in Scotland, but more funding would certainly help.
Auntie Nairn
#2 Posted by Auntie Nairn on 22 Nov 2011 at 14:14 PM
As above, "except for viewers in Scotland" seems to apply.
As for selling off the social housing stock - have we learnt nothing from the Thatcherite era? The past 30 years have been spent trying to replace the housing stock that was sold off at knock-down prices for no good reason at all.

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