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Government Unveils Affordable Homes Plan (24 November 2011)

Date: 24/11/2011
Duncan Lewis, Legal News Solicitors, Government Unveils Affordable Homes Plan

The Government has announced its plans to enable first-time buyers to borrow a maximum of 95 per cent of the value of a home, using Government underwriting. The plans are a part of David Cameron’s plans to tackle the lack of affordable homes in England and includes a fund worth £400 million designed to kick-start the housing market.

The initiative, set to be introduced in England only, will commence in July and is likely to facilitate the construction of 16,000 new homes and create up to 32,000 new jobs. The Government has described its plans as “radical”.

New homes are being built at their lowest levels since World War II. Rents and house prices remain at a high, although mortgage lending has been restricted. A total of 121,200 new homes were built in 2010/11, six per cent less than in the previous year. It is predicted that 450,000 mainly affordable residential properties will be constructed by 2015. Vacant properties will be put forth for residential use and the Government will actively encourage new providers to enter into the social housing market.

Grant Shapps, the housing minister, claimed that the Government aimed to help those who wished to enter on to the property ladder. Labour believes that the Government has previously prevented house building from moving forward.

Duncan Lewis’ conveyancing solicitors can provide prospective first-time buyers with the legal advice they require. The expert team pride themselves on offering an efficient, thorough and friendly legal service at an affordable price.

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