Expert View by IAN LEE – director of McAndrew Martin chartered surveyors
Q: What difference will the government’s recent pledge of an extra £2bn for affordable housing make?
A: Prime Minister Theresa May announced the additional funding at the Conservative Party conference to take its total commitment for affordable housing to £9bn by 2021.
She suggested the extra money could result in 25,000 more social housing properties being built – helping to provide much needed housing stock and more homes where the ‘need is greatest’.
Although details are still emerging, it appears as if councils and housing associations will be able to bid for the new money to build properties for social rent at below market levels.
The move has drawn criticism in some quarters for tinkering around the edges of a deep-seated housing crisis while being welcomed by others, such as landlords, councils and some housing groups. However, perhaps of greater significance just a few days before the conference was the announcement of an extra £10bn for the Help to Buy scheme.
This is aimed at allowing another 135,000 people get on the property ladder.
The scheme allows homebuyers to secure a mortgage with a deposit as little as 5% to buy newly-built homes. More details are expected – probably in the Budget in November – but in our experience the move will prove popular with buyers locally.
Demand for valuation surveys for Help to Buy properties continues to grow, especially in the Portsmouth, Havant and Waterlooville areas where there are new housing developments.
We expect this to continue with the extra cash injection although we always advise clients to consider the benefits and disadvantages of any scheme.
In the first instance, the best step to take is to speak to a member of the Portsmouth Property Association (PPA).
Members of the PPA can advise about the various options but also have local knowledge and contacts which make them best placed to offer the best help.
Please pay a visit to the PPA website today at http://portsmouthproperty.co.uk/ for more information.