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News - 20 October 2014

Labour promises priority to first time buyers.

First-time buyers will be given priority when communities in England "take the lead" in building new housing, Labour is promising.

It says it wants 200,000 homes a year to be constructed by 2020, with councils granted powers to reserve a proportion for those not already on the property ladder.

Labour leader Ed Miliband says this is "fairer" and will boost development.

The Labour leader, Ed Miliband, published a report on housing by former BBC Trust chairman Sir Michael Lyons, arguing that too much potential development land is being "held as a speculative investment when local people need homes".

Figures from the Office for National Statistics show house prices across the UK rose by 11.7% in the year to August. In London the increase was 19.6%.

This, along with lenders demanding higher deposits before granting mortgages, has priced many first-time buyers out of the market, it is argued.

Lavinia Newman, founder of ABDS comments:
“Labour is promising to increase supply by creating Housing Growth Areas, where councils will have to submit local plans to meet their community housing requirements and to ensure that building will take place.”

Mr Miliband will say: "This is not only a fairer system, it is also one which will encourage local communities and local authorities to support the development that our country so desperately needs."

But Conservative Housing Minister Brandon Lewis said Labour was "pulling the wool over people's eyes", adding: "They say they can meet their housing promises and not borrow a single penny extra to pay for it - but this just isn't credible.

While Grainia Long, chief executive of the Chartered Institute of Housing, who is also a member of the Lyons commission, said the report was a "detailed blueprint for action", which "if implemented would bring a renewed urgency to addressing the housing crisis".

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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