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David Cameron Wants to Change 'Generation Rent' Into 'Generation Buy'

Posted by Ross Jones-Morris in

In his closing speech at the Conservative conference later today, David Cameron is to announce plans to build 200,000 new and affordable 'starter homes'.

I his bid to turn 'Generation Rent' into 'Generation Buy', he will overhaul regulations so that builders in England won't have to offer low-cost homes for rent in developments. Instead they will be able to offer homes to buy for first-time buyers under 40, at discounted prices.

In order to protect the integrity of the scheme, buyers will not be allowed to sell off their new discounted home for a quick profit. It also comes in light of parliamentary pressure to tone down new 'right to buy' legislation proposed by the Tories, due to concerns that it will hit the pooest hardest.

Soaring property prices, particularly in London, have become a concern again in recent years. Today's scheduled announcement will seek to halt the decline in home ownership that has resulted.

For the plan to reach fruition, the 200,000 homes would need to be built before the end of this parliament.

Image courtesy of Flickr, Creative Commons.