Turn round in Home Ownership

According to a press release yesterday from the Department for Communities and Local Government and Brandon Lewis.

Figures have shown the success of government initiatives to give hard-working families across the country the chance to realise their ambition of home ownership.

New figures show that more than a decade-long decline, starting in 2003, in the number of people owning their home has been turned around with more than 14 million owner occupiers in the country last year.

Among social housing tenants who want to achieve their dream of home ownership, more than half of local authority tenants and a third of housing association tenants expect to buy their current home

Aan increase in better homes with the number of properties failing to meet the government’s Decent Homes Standard continuing to fall and down by 3.1 million on 2006

Figures released earlier this week show that lending for first-time buyers is at its highest since 2007, while first-time buyers mortgages are up 11% year-on-year.

Housing Minister Brandon Lewis said: “In 2010 there was a housing market where buyer’s couldn’t buy, builders couldn’t build and lenders couldn’t lend.

“Our efforts are turning that around with more than 270,000 families helped into homeownership through government-backed schemes since 2010, while the number of new homes is up 25% over the last year.

“And we’ve set out the boldest ambition for housing in a generation,doubling the budget so we can help a million more people into homeownership, while delivering a bigger, and better private rental sector”.

To read the full press release go to the Gov.UK click here

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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