Latest News

Government extends support to stop business evictions in 2020

17 September 2020

Robert Jenrick, Secretary of State for Housing, announced yesterday, 16 September, that all commercial tenants will be protected from the risk of eviction until the end of this year. Read More...

High Court rules in favour of agents over Business Interruption Insurance

15 September 2020

Thousands of companies disputing their insurers' interpretations of liability under Business Interruption Insurance welcome the court ruling today, 15 September, where it found in favour of the arguments advanced for policyholders on the majority of issues brought by the Financial Complaints Authority (FCA) test case. Read More...

New guide helps agents stay on the right side of competition law

15 September 2020

The Competition and Markets Authority (CMA), together with the Institute of Risk Management, has published a new edition of its short guide on competition law risk that will help agents to identify and reduce competition law risks. Read More...

More must be done to get empty homes back into use

14 September 2020

In a letter to Rt Hon Christopher Pincher MP, Minister of State for Housing, Propertymark campaigns for action on empty homes, asking what measures the UK Government is taking to improve the situation and get more empty homes back into use. Read More...

Propertymark supports Gas Safety Week 2020

14 September 2020

Propertymark has pledged its support for Gas Safety Week, which takes place 14 -20 September 2020, and we will be raising awareness about the importance of gas safety to its members and the public. Read More...

Housing Secretary unveils £12 billion boost for affordable homes

Tuesday 08 September 2020

Robert Jenrick, Housing Secretary, announced today, 8 September, new investment in housing to ‘help the country build back better’, including a new Shared Ownership scheme and homes for social rent to help the most vulnerable.

Half of the new homes will be made available for ownership from 2021 and there will be a revamped Shared Ownership scheme to make it easier for people to get a foot on the property ladder. The investment will include homes for social rent to help the most vulnerable and a consultation has been launched to make all new homes more accessible for the elderly and disabled.

Funding

A new £11.5 billion Affordable Homes Programme will be delivered over five years from 2021 to 2026, providing up to 180,000 new homes across the country. The programme will unlock a further £38 billion in public and private investment in affordable housing.

Nearly £7.5 billion will be delivered outside London by Homes England. This is over £2 billion more than the amount given under the previous Affordable Homes Programme. Homes England will publish their Affordable Homes Programme prospectus this week, inviting councils, housing associations and private providers to start preparing their bids.

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Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.

Thanks to the range of flexible ownership options being made available, more families across the country will be able to realise their dreams of owning their own home, with half of these homes being made available for ownership.

Rt Hon Robert Jenrick MP, Housing Secretary

Shared Ownership scheme

The new model will reduce the minimum initial share purchasers need to buy in a property from 25 per cent to ten per cent and will allow people to buy additional shares in one per cent instalments, with heavily reduced fees.

It will also have a ten-year period for new shared owners where the landlord will cover the cost of any repairs and maintenance.

A Right to Shared Ownership will be available on the vast majority of rented homes delivered through the new programme, providing tenants with a pathway into ownership by giving them the right to purchase a stake in their home.

Government announcement

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It’s positive to see the Government continue to invest in housing during this period. It is particularly important that as we try to boost the economy, we build a greater supply of affordable houses that can rejuvenate those areas across the country most affected by the COVID-19 crisis.

However, demand for housing continues to rise so the Government now needs to work to encourage people to move, continue to help people get on the property ladder and ensure that the property market drives forward the UK’s economic recovery.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive