BSA demands help for first-time buyers

The Association wants the government to help young buyers looking to get on the housing ladder by funding housing developments on the Community Land Trust model.

The BSA has asked the government to use some of the money raised from its sale of the National Savings & Investments Pensioner Bonds, which should reach an estimated £15m by 15 May.

In a letter to George Osborne, Chancellor of the Exchequer, the BSA’s chief executive Robin Fieth, wrote: “The BSA is asking for urgent and concerted action to help the UK’s home buyers, particularly younger buyers looking to take their first steps into home ownership.”

“We would advocate that the monies raised could make a significant difference if used as seed funding for perpetually affordable housing developments on the Community Land Trust model or similar.

“This approach would have the additional merit of using funds which will deliver benefit to those aged 65 and over to provide affordable housing for younger people, an intergenerational win-win.”

The Association wants the government to support SME builders, custom and self-build, co-operative housing models and shared ownership housing models, as Fieth added: “The UK’s volume house-builders alone cannot alleviate the acute shortage of housing in the UK."

On the 16 March the BSA will present its Housing Manifesto to the House of Lords, chaired by Lord Best.

It will propose the creation of a new Housing Ministry with a secretary of state in the cabinet, as currently the government’s housing responsibilities are spread across different departments.

The BSA also thinks the UK housing market needs a cross-party 15-year plan based on regional long-term demographic changes, employment, environmental concerns and infrastructure.