Public Finance, Aug.3rd-16th 2007, p. 16-19
This article summarises and presents comment on the recent housing green paper, Homes for the future. This promises a doubling of social house building to 45,000 units per year by 2010. Social housing will be funded through a new funding stream called housing and planning delivery grant, administered by a 'super quango'. To receive housing and planning delivery grant, local authorities must provide for five years worth of mixed tenure development sites in their 15-year planning policy statements. A range of bodies called local delivery vehicles, including local housing companies and urban development corporations will deliver the programme. On the home ownership side, the green paper proposes a larger shared ownership programme and policies to facilitate long-term, low-interest mortgages and securitised mortgages for low-income borrowers.
Public Finance, July 27th - Aug. 2nd 2007, p. 17
Lack of investment in social housing, coupled with rising rents and the depletion of stock through the right to buy, has made access more difficult for low-income families. At the same time, unregulated mortgage lending has increased competition for available privately owned properties and caused prices to soar.