The Conservatives’ key focus for the next five years is to create a generation of home ownership by providing more new homes and making it more affordable for people to buy their own home.
What are the Conservatives plans for new homes?
Number of new homes: 200,000 new homes by 2020 exclusively for first-time buyers.
Support in achieving this goal: Through the creation of a Brownfield Fund to help release public land for the construction of up to 150,000 new homes. Local authorities will be required to create a register of land available for building including making sure that 90% of suitable brownfield land has the necessary planning permission by 2020. In addition to this the Conservatives want to introduce a London Land Commission to make use of any unused brownfield public land in the capital. They will also continue to lend to developers of units between 5 and 250 in number until 2016/2017 through the Coalition’s Builder Finance Fund.
How will the Conservatives Right to Buy scheme help to provide more affordable homes?
Plans for social housing: Under the Right to Buy scheme Housing Associations will be required to sell 5% of their remaining housing stock, once they become available, to build more affordable homes on a one-for-one basis. The Conservatives predict that 15,000 high value properties will become available per year which would release the £4.5bn needed to build these affordable new homes and provide the discount to tenants in order to buy their home.
Support for buyers: Housing Association tenants will be offered a discount to buy their home through the Right to Buy scheme. The discount will be 35% for houses and 50% for flats after a tenant has lived in the property for 3 years. The National Housing Federation estimates there are over 200,000 housing association tenants that would be eligible under the Right to Buy scheme to be able to buy their home.
What are the Conservatives plans to support self-builders?
Plans for self-builds: Double the number of custom-built and self-built homes by 2020.
Support for self-builders: The Conservatives will support self-build developments through the Right to Build scheme which will ensure that councils allocate land to local people for the purpose of building or commissioning their own home. They also plan to continue to allow the development of extensions and conservatories without the need for planning permission until 2020.
Find out how the Queen’s speech will affect house building in Britain.
By Anna Cross