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27/09/2004
New plans set to get first time buyers on property ladder
Proposals to make better use of public sector land and help first time buyers have been outlined by the Deputy Prime Minister today.
Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
The Deputy Prime Minister said he believed it would be possible to build a high-quality home for around £60,000.
The government would work with builders to deliver the homes. The state would retain a stake in the land while the buyer would pay for the bricks and mortar.
Mr Prescott said: "Experience in other parts of Europe tells us that using modern construction techniques and materials, it is possible to produce high-quality, modern homes much more cheaply than is the case in the UK, and without sacrificing environmental standards."
The plan will build on existing plans to provide 32,000 homes in mixed communities through low-cost home ownership.
It will be based around the concept of sharing equity like the programmes used in the successful Homebuy and shared ownership schemes.
The current Key Worker Living initiative will help 16,000 key workers over the next three years. The £690 million programme was launched in March 2004.
(gmcg/mb)
Smarter use of public sector-owned land and driving down spiralling construction costs would help people get onto the housing ladder, John Prescott said. Since 2003 the number of first time buyers has fallen by 27%.
The Deputy Prime Minister said he believed it would be possible to build a high-quality home for around £60,000.
The government would work with builders to deliver the homes. The state would retain a stake in the land while the buyer would pay for the bricks and mortar.
Mr Prescott said: "Experience in other parts of Europe tells us that using modern construction techniques and materials, it is possible to produce high-quality, modern homes much more cheaply than is the case in the UK, and without sacrificing environmental standards."
The plan will build on existing plans to provide 32,000 homes in mixed communities through low-cost home ownership.
It will be based around the concept of sharing equity like the programmes used in the successful Homebuy and shared ownership schemes.
The current Key Worker Living initiative will help 16,000 key workers over the next three years. The £690 million programme was launched in March 2004.
(gmcg/mb)
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