London teachers to benefit from £1bn home fund

The education department has announced a £1 billion package to help teachers buy family homes in London.

The announcement is part of a wider package, unveiled by Deputy Prime Minister John Prescott, to provide affordable housing for key workers, including teachers. Today's funding for teachers offers bigger home loans for school leaders, and bigger home loans and lower rents for teachers.

The home loans package for school leaders will see equity loans of between £50,000 to £100,000 to teachers on the point of moving into leadership positions in London schools.

The existing Homebuy scheme will allow other teachers to receive an interest free loan, capped at £50,000, of at least 25% of the value of the property to enable them to purchase.

And teachers looking to rent will be able to access 'intermediate renting' properties from registered landlords at a level which is lower than the open market.

The schemes are the latest boost for London teachers and follow on from the launch of the London Challenge in May this year. The London Challenge sets out a radical programme to transform schools and raise standards across the capital.

Secretary of State for Education Charles Clarke said: "Raising standards in London schools means recruiting the best teachers and then keeping them here. But many teachers can't afford to buy a family home in the capital. Today's radical package means they can.

London Schools Minister Stephen Twigg said: "There is already much to be proud of in London's schools, and there have been significant improvements in recent years. But there is still much more to do."


Related UK National News Stories
Click here for the latest headlines.

25 September 2003
Rise in degree qualified teachers: survey
More secondary school teachers have degrees and more lessons are taught by teachers with degrees in that subject, according to the results of a new survey.
18 December 2003
Clarke presses on with teachers pay plans
The Education Secretary is to press ahead with his proposal on teachers pay announced last month. Teachers' salary levels had been proposed for an increase of 2.5% in April 2004, 2.5% from April 2005 and 3.25% in September 2005. Over the financial year 2005-06, this will be worth 2.95% to teachers.
21 January 2004
Refugee teachers could fill gaps in UK schools, says agency
Education authorities should use refugees, fully qualified as teachers, to fill vacancies in the UK's understaffed schools, according to the Employability Forum.
09 November 2005
Public schools found guilty of fee fixing
Fifty of England’s top public schools have broken competition law by exchanging information about fees, the Office of Fair Trading has announced. Following an investigation lasting more than two years, the OFT found that pupils’ parents ended up paying higher fees as a result of the information-sharing.
08 May 2009
Man Jailed For Attempted Murder Of Pc
A south London man has been jailed for 25 years for tying to shoot a policeman. Michael Mitchell, 32, of Babington Road, Streatham, was convicted of attempting to murder Pc Shaun Callow, possession of a firearm and possession of drugs with intent to supply.