PM out to turn ‘generation rent’ into ‘generation buy’

THE Prime Minister is set unveil plans for 200,000 new affordable homes as the curtain comes down on the Conservative conference today.

David Cameron will announce developers will no longer be required to include low-cost rented homes in new developments.

In a speech pre-released to the national media, Mr Cameron will say builders will be encouraged to offer starter properties for first time owner under the age of 40 at discounted prices.

He will tell the conference – taking place at Manchester Central – of his intention to transform “generation rent” into “generation buy”.

Under the new policy designed to provide 200,000 homes by 2020, buyers of starter homes will be preventing from selling them on for quick profit.

The move seems designed to lift pressure on the Government over the issue of home ownership, which has fallen dramatically in recent years as a result of high property prices and high deposits.

He will say: “When a generation of hard-working men and women in their 20s and 30s are waking up each morning in their childhood bedrooms – that should be a wake-up call for us.

“For years politicians have talked about building ‘affordable homes’ – but the phrase was deceptive. It basically means homes that were only available to rent. What people want are homes that they can actually own.”

Mr Cameron will also claim local authority planning rules demanding certain kinds of affordable housing hinder house building and he will promise to introduce more flexibility into the system.

Click here to sign up to receive our new South West business news...
Close