ONE of the top issues for me, and many of us in Wirral, is making sure we have the right mix of housing, so that people can live in the communities they choose, at a price they – and the taxpayer – can afford.
Our continued low mortgage rates benefit people who already have a mortgage.
And the Conservatives’ new Help to Buy scheme will be a big boost for people, especially young people, who are trying to buy their first home but have, so far, struggled to raise the deposit needed.
While this is all good news for homeowners, we are also seeing more tenants taking advantage of the new Right to Buy scheme.
Between April and June this year, more than 2,000 tenants – council tenants and housing association tenants – bought their home. This is five times as many as the same period last year.
In total, the new Right to Buy has raised almost £130m. And, unlike the 1980s, when the proceeds of council house sales were restricted to paying off council debt, the money raised now is recycled back into building new affordable social homes to rent.
The money raised will further add to 150,000 new, affordable homes that have been delivered in England since 2010. It’s worth noting that the construction industry employs about three million people and makes up approximately 8% of the UK economy.
It’s had a very tough six years and was hard hit by the financial crisis.
Together, these government schemes have helped drive recovery in this sector and in August this year the construction industry grew at its fastest rate since 2007 so providing a much needed boost for business and home buyers alike.