Latest Debt News
'Vital' need for affordable social housing
09/07/2008 17:38:00
Recent drops in house prices are not making property accessible to households on low or middle incomes, according to an industry expert.
The National Housing Association (NHA) claims there are 1.6 million households on council waiting lists for affordable housing and due to "desperate shortages", thousands of people are living in "unsuitable, cramped and overcrowded" conditions.
Joe Dumont, spokesperson for the NHA, said property prices were hiked so high that even taking into account the big drops observed since then, those homes are still not "within reach" of those most in need of them.
A new study from the National Housing and Planning Advice Unit suggested affordability prospects will not improve, even if house prices fell by five per cent this year and ten per cent in 2009.
The Department for Communities and Local Government has just announced it will allocate a further £270 million through the Housing Corporation to create an additional 3,800 homes for social rent and 1,500 shared ownership properties over the next three years.
© Adfero Ltd