Housing and the Credit Crunch

Housing and the Credit Crunch

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In this report the Communities and Local Government Committee says the Government must stick to its long term house building targets, despite the credit crunch, but a greater proportion of the homes built should be social housing. The Committee is concerned that the Ap975 million borrowed by the Government from its 2010-11 budgets to build social rented housing now is not new money, and that the Government has been unable to say how that borrowing will be replaced. The Committee urges the Department for Communities and Local Government to: put pressure on the Treasury to ensure measures to revive the mortgage markets are implemented immediately; increase construction of new social housing, both to provide for housing need and as a means of maintaining capacity in the homebuilding industry whilst the market recovers; accelerate refurbishment programmes for social housing; acquire further social housing through the purchase of unsold stock and street properties; consider the purchase of unsold family homes which have been on the market for more than a year; encourage public sector bodies to make land available for the development of new homes. The report also urges the Government to do more to help those at risk of repossession by considering sanctions against lenders who repossess too quickly and by doing more to protect tenants and homeowners from unscrupulous landlords. An Office of Fair Trading recommendation for sale-and-rent back schemes should be implemented as a matter of urgency to protect the growing number of households falling behind in mortgage payments. The Committee would like to see more done to support housing associations, including increasing social housing grant where necessary.In 1992 social rented homes were a viable business proposition; now they make a loss and require subsidy from ... to help meet these costs including; management and maintenance allowances, revenue deficit grant and hostel deficit grant.

Title:Housing and the Credit Crunch
Author: Great Britain. Parliament. House of Commons. Communities and Local Government Committee
Publisher:The Stationery Office - 2009-02-24

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