MORE HELP FOR FIRST TIME BUYERS
(March 26, 2006)

Housing Minister Yvette Cooper unveiled more help for first time buyers alongside plans to deliver more homes that our next generation needs, this week. Speaking a shared equity conference in London on Tuesday, the minister announced details of 23 new 'Homebuy Agents' - one stop shops to give first time buyers clear advice on how they could be helped by the new Homebuy scheme by buying a part share in properties with the rest of the costs met by lenders and registered social landlords.

Yvette Cooper also announced a new Shared Equity Task Force drawing together the public and private sectors to identify the longer term potential for rolling out further shared equity products. These measures build on £970m set out in the Budget for the National Affordable Housing Programme to deliver 35,000 new low cost home ownership properties as well as funding announced last week for 49,000 more social homes for rent to be built over the next two years. A new extra homes pilot scheme to bring forward more social homes in London to help people out of expensive temporary accommodation was also announced last week.

On Monday the Government announced a deal to create around 10,000 new homes including shared equity units at a former MoD site at Northstowe in Cambridgeshire. The land is being transferred to English Partnerships who are working with local agencies in Cambridgeshire to deliver the new homes.

The site, the latest use of surplus public sector land for housing, will be the first 'exemplar' development in the Government's growth areas with high eco-standards including micro-renewable technology contributing to a 50 per cent reduction in energy and water use. Local services and amenities will also be provided in a sustainable way.

Yvette Cooper said "These are practical steps to help families get a first foot on the housing ladder - with extra investment in the Budget, one stop shops to give them help and advice, and Home Information Packs from next year to save them hundreds of pounds on searches and surveys.

"We also want to use public sector land like the site at Northstowe to build more homes for the next generation at high environmental standards. If we don't build more homes for the next generation, then within 20 years we will see the proportion of thirty year old couples able to afford their own home drop from over 50% to nearer 30%. That's not fair on the rising generation."

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