SAJID JAVID: IF YOU WANT THE GOVERNMENT TO HELP YOU BUILD AND SELL HOMES, YOU HAVE TO SELL THEM ON FAIR TERMS
- 29 Mar
Housing Minister, Sajid Javid, described some house builders' practices as 'practically feudal' about leasehold properties, Inside Housing reports.
Over 100,000 new build homes have been bought with Help to Buy Equity Loans since its introduction in April 2013.
However, issues such as the increase of ground rents paid yearly to the house builder and the selling on the freehold interest to a secondary party who was not willing to sell it to the lease-holder, have been persistent.
From now, only builders who accept the government's terms of leasehold properties with its Help to Buy Equity Loan programme will be supported.
While speaking at the Home Builders Federation (HBF) Policy Conference in London on the 28th of March, Mr Javid said:
"As a government committed to building a fairer society, I don't see how we can look the other way while these practically feudal practices persist.
"So I will look to ensure Help to Buy Equity Loans are only used to support new build houses on acceptable terms.
"This will send a serious message to the building industry: if you want the government to help you build and sell homes, you have to sell them on fair terms."
Mr Javid added:
"... the property-owning democracy remains at the heart of our philosophy, and we remain absolutely committed to getting people onto the housing ladder."
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