The CML welcomes today's announcement by the Communities Secretary Sajid Javid on funding for affordable housing, and the government's commitment to widen the tenure choices for people who cannot afford to buy a home outright. Government support for shared ownership as one of the options is particularly welcome, following publication late last year of CML-commissioned research setting out a series of recommendations to promote its development.
Commenting on today's announcement, CML director general Paul Smee said:
"Today's announcement can deliver the tenure flexibility that providers of social housing have been calling for, and which will help address the housing affordability challenges faced by many people today. Our recent research reinforces the argument that shared ownership, for example, is the only means of buying for some would-be home-owners.
"As ever, the CML stands ready to help develop schemes that lenders can support. In pushing forward with its plans, the government needs to strike the right balance between widening tenure options and introducing schemes that are workable for lenders and avoid unnecessary complexity. We look forward to seeing more details in the forthcoming housing white paper, and to working with the government in addressing the UK's housing challenges."
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
2. The announcement by Communities Secretary Sajid Javid can be seen here: https://www.gov.uk/government/news/new-money-for-affordable-homes-released