Legal & General Mortgage Club wants more support for shared ownership

Michael Lloyd

October 29, 2018

In the Budget Legal and General Mortgage Club wants clarity on the future of the Help to Buy scheme, more support for shared ownership, a stamp duty break for last-time buyers, buy-to-let tax implications to be unwinded and more support for SME housebuilders.

Legal & General Mortgage Club is urging the government and industry to work together to promote the benefits of shared ownership as a genuine option for individuals, couples and families who want to become homeowners.

Craig Hall, head of broker relationships and propositions, Legal & General Mortgage Club, said: “Last year’s Budget was certainly a step in the right direction, but if we are to solve our housing crisis for good, we need to see the government roll up its sleeves and deliver both clarity and long-term solutions for the UK housing market.

“Whether it’s more clarity on the future of Help to Buy beyond 2021, a modernisation of attitudes towards greenbelt land, or most importantly enacting measures to boost housing supply, the Budget represents a real opportunity to continue the task of tackling the housing crisis.

“Taking just a few of these measures would give housebuilders the confidence and backing they need to deliver thousands of new, affordable homes and create a fairer housing market for people wanting to step onto or up the ladder.”

The mortgage club wants the government to drop any plans for further tax changes to the buy-to-let sector and even repeal some of the recent changes to help to create a balanced housing market.

This includes a mix of tenures, from shared ownership and owner-occupied to housing associations and privately rented accommodation.

A stamp duty break for last-time buyers would help these buyers to downsize and get our housing market moving by freeing up larger homes for growing families.

Legal & General Mortgage Club also wants the government review existing planning arrangements and consider constructive use of some brownfield sites that are now designated as ‘greenbelt’ land.

Making use of this land constructively would help towards reaching the government’s housebuilding target and ultimately provide more homes for younger buyers and people with growing families who want to move up the ladder.

More funding for local, SME developers and a relaxation of some planning rules would give them the confidence and backing to get on with the task of building the 300,000 new homes a year that the government aims to deliver.

This also includes support for modern methods of construction, such as modular housing.

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