19.03.15
Housing Finance Institute to tackle housing supply shortage – LGA
The implementation of a national Housing Finance Institute announced in the Budget yesterday marks an “important” step in tackling the country’s overall shortage in housing supply, the Local Government Association (LGA) has said.
As well as being given the opportunity to work with the government to develop the Institute, the LGA was happy to see measures to support first time buyers to purchase new homes introduced by George Osborne yesterday.
Funded privately, the new Housing Finance Institute, which had been proposed by the Elphicke-House review, will address the skills and knowledge gap in delivering local authority housing.
This will enable the provision of dedicated support in areas such as setting up and managing public private sector joint ventures or developing capacity and skills in areas such as land assembly or developing investment vehicles.
Cllr Keith House, leader of Eastleigh Borough Council, said: “I’m delighted that the government is following through on one of our key recommendations and establishing a Housing Finance Institute.
“By working together, central and local government, with the construction and finance industries, can make a real difference in boosting housing supply to solve the nation’s current housing crisis.”
An LGA spokesperson said: “The announcement of the National Housing Institute and further measures to support first time buyers to purchase new homes are an important step in tackling the overall shortage in housing supply.
“Councils must now be given a lead role in future work on delivering homes, including giving them extra powers and flexibility.”
The precise scope, duration and governance around the Housing Finance Institute will be confirmed shortly.
(Image: c. Rui Vieira)
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