Housing Minister Grant Shapps yesterday outlined his vision for the future of the UK housing market. Re-igniting the debate over home ownership, Schapps claimed that home ownership would be at the core of the government’s housing strategy. In his first speech since coming to office, Shapps addressed a gathering of housing sector experts: “I don’t agree with my predecessors that reducing home ownership might be a good thing,” he said. “Most people still want to own their own homes and I want people to know that this government will support them in that.”
He alluded to the government’s intention to stimulate more home building, alongside the creation of local housing trusts which will enable communities to create “local housing for local people”. Although details were scarce, Shapps also mentioned structural changes, to encourage lenders to lend more.
However, Shapps cast some doubt over the future of government-backed shared-ownership schemes offering first-time buyers financial help to buy a home, asserting that “the cash for affordable housing has run out”. While current shared ownership schemes will not disappear in the short term, Shapps is looking to the private sector to provide more similar schemes.