Building for the future
A significant social issue of recent times is the lack of housing in the UK, and particularly the fact that an insufficient number of new homes are being built to meet the needs of the growing population. Estimates suggest that 200,000 to 250,000 houses need to be built each year in order to match population growth. However, in 2012, only 117,000 new-builds were completed. This short supply of homes has become a major social issue as the lack of supply when compared with increased demand serves to push up the costs of buying and renting. This has a significant impact on living standards as larger proportions of incomes are then being spent on rent or mortgages.
To deal with the issue, the government has launched a number of schemes over the past few years that aim to increase the number of new-builds. The focus can generally be divided between plans to give finance for house-building projects and plans to help buyers who can’t afford a deposit on a new home.
The two main initiatives that help buyers who can’t afford a large deposit are ‘Help to Buy’ and the ‘NewBuy Guarantee’. Help to Buy equity loans are available to purchasers of new-build homes worth up to £600,000. Under this scheme, the government loans property purchasers up to 20 per cent of the cost of a new-build home, so that they only need a five per cent deposit and a mortgage to make up the remainder; £3.5bn has been set aside to help up to 74,000 home purchases, and the scheme will end either when the funds are used up or at the end of March 2016…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Looking at barriers to the development of effective cross-border e-commerce in the EU.
Which? has lodged a super-complaint in relation to concerns about misleading and unclear pricing practices in the groceries sector.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.