The 'Fixing our broken housing market' white paper launched in February 2017.
Last month Theresa May, Prime Minster said that she wants to fix this broken market so that housing is more affordable and people have the security they need to plan for the future to live the ‘British dream’.
Sajid Javid, Secretary of State for Communities and local Government also shares the view that soaring prices and rising rents caused by a shortage of the right homes in the right places has slammed the door of the housing market in the face of a whole generation.
The white paper indicates that the main problem creating the economic imbalance which puts a strain on cities to develop and grow are:
- There is not enough local authorities planning for homes.
- The pace of which the houses are built is too slow.
- The construction industry relies on developers who have a lot of money to fund the development.
The 4 step proposal sets out how the government intends fix our broken housing market and seeks responses to the main issues:
- Getting plans in place
- Making enough land available in the right places
- Ensuring infrastructure is provided in the right place at the right time
- Affordable housing
- Sustainable development
- The impact on new developments, mainly the noise.
It would seem that the government are pushing for change, however this will not happen overnight. We will be keeping an eye out on the outcome of the white paper however in the meantime, Chancellor Philip Hammond has announced last month that a further £10 billion pounds would be put in to the Help to Buy Equity Scheme.
If you are looking to purchase a property with the benefit of a Help to Buy equity scheme, please do not hesitate to contact one of our expert property lawyers at any of our offices across West Yorkshire, call us free on 0808 1685643 or email getmoving@ramsdens.co.uk.