Radian raises lack of home ownership options at Westminster
Radian and other members of the National Housing Federation's (NHF) South West Home Ownership Group met with MPs and leading delegates in Westminster this week, to raise awareness of the desperate shortage of affordable home ownership options available, and to lobby for further government investment.
Tens of thousands of potential first time buyers, who are actively seeking to buy a home, are being forced to remain in overpriced private rent due to a severe lack of affordable properties available.
Through Shared Ownership schemes, housing associations in the south are helping thousands of families turn their dreams of home ownership into a reality. Whilst the current difficulties in obtaining a mortgage continue, for many first time buyers it's the only way to get onto the housing ladder.
Tim Willcocks, Radian's Head of Home Ownership and Nicola Whiting, Radian's Sales & Lettings Manager, attended the event 'Supporting aspiration in an age of austerity', hosted by Stephen Gilbert MP for Newquay & St Austell. Also present were other members of leading housing associations, ten of the region's MPs and key staff from the Homes and Communities Agency and National Housing Federation.
Tim Willcocks said: "This was a fantastic opportunity to talk to the heart of government. The MPs who were involved were all keenly aware of the issues facing first time buyers in the south, and were supportive of our efforts to promote this agenda, seeing the benefit of providing not just a house but a home to first time buyers, and the greater benefits to the wider economy that Shared Ownership offers."
Amongst other issues, the delegates discussed the NHF's recommendation for a £1bn investment in building shared ownership properties over the next three years, raised by Gavin Smart, Director of Neighbourhoods at the NHF. In its Home Truths publications, the NHF estimates that this investment will result in 66,000 shared ownership homes, 99,000 construction jobs created directly and 396,000 jobs created within the wider supply chain. A return of over £15bn will be generated within the wider economy, with £342 million injected into local economies through products and services bought by new home owners.
Stephen Gilbert MP spoke of the imbalance between the rise in house prices in the south west and the below average incomes received. Over the last 10 years, house prices have risen three times faster than incomes, with the average home in the south west costing nearly 12 times the average income in the area. He illustrated this point by alleging to be the first sitting MP to enter the House of Commons while still living at home with his parents, as he could not afford to buy in his constituency.
Lord Matthew Taylor, Chair of the NHF, challenged the MPs to be champions of affordable home ownership in their areas, for local councillors to consider their housing and planning policies and for housing associations to continue to deliver the wider benefits of affordable home ownership.
For more information on Radian's Shared Ownership opportunities throughout the South, please go to
www.radian.co.uk or call the specialist team at Radian, on 023 8062 8004.
Photocaption: Yvette Ruggins, Tim Willcocks and Marilyn DiCara of the National Housing Federation's Home Ownership Advisory Panel
