Don Foster MP

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Shared ownership can boost housing market in Bath - Foster

January 30, 2024 by admin in Don in Bath, News with 0 Comments

Don Foster MP joined a host of South West MPs and housing experts from across the region to discuss the role shared ownership can play in boosting the local housing market.

Over the last 10 years house prices have risen three times faster than incomes in the South West region and now stand at almost 12 times local incomes. With reduced mortgage availability and the need for huge deposits, more and more average and lower income earners are being priced out of the market.

Government projections suggest the number of households in the South West will increase by 30% by 2033, and National Housing Federation research predicts home ownership levels in the region will reduce over the next decade.

Government action is helping. The Housing Strategy announced in November 2011, included a raft of measures to help the market including:

  • Extra £150 million to bring empty properties back into use
  • Extra £500 million for infrastructure projects that will release sites for housing
  • £400 million as development finance to help small and medium building firms
  • Freeing up public sector land (suitable for 100,000 houses)
  • £30 million to help with self build schemes. And
  • Simplification of the planning process

However, in a parliamentary event, hosted by St Austell and Newquay MP Stephen Gilbert, Don joined other MPs to hear how shared ownership can help further. A tried, tested and successful approach to delivering affordable housing, through shared ownership schemes South West housing associations are helping thousands of households turn their dreams of home ownership into a reality.

Commenting, Don Foster MP said:

“In Bath we are already doing a lot to make use of the government’s funding schemes with the support of Housing Associations and others - Western Riverside, Southlands and planned use of vacated MoD sites are key examples.”

“The shared ownership model - or “affordable home ownership” - schemes can provide a way of helping and local housing associations are already using this model for some new properties in Bath.”

“Further Government investment will unlock money that Housing Associations could find, create more jobs in the building industry and reduce housing waiting lists.”

South West Lead Manager for the National Housing Federation, Jenny Allen said:

“There is clearly huge demand for affordable home ownership schemes in the South West and we believe that greater government investment in shared ownership would not only represent an enormous boost to first-time buyers who are able to sustain home ownership but unable to raise a deposit, but would also help support and sustain a faster economic recovery.”

Jennifer Gould, chairman of the National Housing Federation’s South West Home Ownership Group (and business development manager for Magna Housing Group) said:

“We want to make sure that shared ownership gets the publicity it needs. It’s crucial to affordable housing and a healthy housing market.”

“By providing affordable home ownership schemes, housing associations are helping thousands of households to have of a home of their own and get their foot on the housing ladder.”

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