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Time to re-evaluate low-cost home schemes
Added: (Tue Jul 18 2006)
As per a report, In UK, increase in house prices have caused a scarcity of affordable homes for key workers and other priority groups. The time has come to implement housing schemes effectively. Better management of these schemes would easily save about 110 million pounds, which can be used to help more than 4,000 families to get a home
London (loans-park) July 17, 2006: As reported by the National Audit Office, there is a need to run low cost home ownership schemes properly. Already, high prices have move up quite highly. Due to this rise, many key workers and other priority groups are running short of finding a home at affordable prices. There is a great scope of saving about 110 million pounds if these housing schemes would be managed properly. Saving of such a big amount can easily help more than 4,000 families to find a home.
NAO head John Bourn said that, “the assistance needs to be more tightly managed and bettered focused on those it would benefit most.” People looking forward to seek government’s help to get a home by shared ownership or by opting for a loan, which would cover, a quarter of the house’s cost. Besides these people, usually opt for various secured and unsecured loans to buy their own homes.
However, there has been seen a decline in house price boom, yet house prices are still rising. According to the Nationwide building society, an average home cost was 165,730 pounds in June means more than 8,000 pounds than a year ago.
NAO has a strategy, according to that; there is a better way to save public money, if the buyers can be influenced to go for bigger stake in shared ownership houses. In addition, by targeting homeowners who rent their home to go for shared ownership, which costs half as compared to rented social housing. The third and final way is to recover around one million pounds from the key workers who have changed their career and lost their right to housing assistance.
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