Fixing the broken housing market

Fixing the broken housing market

Theresa May’s Conservatives are not prepared to duck the big challenges we face as a nation and there are few issues that are greater than the need for good-quality, affordable housing.

Whether you rent or buy, everyone needs the security of a place to call home but too many ordinary working families are stuck on council waiting lists, facing unaffordable rents and struggling to save for that first deposit.

That’s why we will fix the broken housing market and support local authorities and housing associations to build a new generation of council homes right across the country. They will offer to support the most ambitious councils and housing associations build thousands of new homes, in exchange for them building a new generation of fixed term, high quality council homes linked to a new right to buy for social tenants.

Under the deals, the Government would give councils and housing associations funding and make available housebuilding capability from the Homes and Communities Agency. Councils would be able to assemble land, including derelict buildings or unused pocket sites, more easily under reformed compulsory purchase rules. The deals would require a proportion of the social homes built to be sold after ten to fifteen years, allowing increases in land and housing value to be reinvested in new social housing over time. The tenant would receive the first right to buy on the property at the point of sale.

And because some of these homes will be sold after a limited period, this will ensure that developers consider the private value of homes, improving quality, and return funding for new social homes.

This is all part of Theresa May’s determination to build a better Britain – a country that our children and grandchildren are proud to call home and where everyone has the chance to get on in life. But this is only possible through the economic security that comes from strong and stable leadership.