Building Societies Association imploring Chancellor to take swift action to help homebuyers

9th March 2015

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Ahead of the Budget on 18 March the Building Societies Association (BSA) has written to Chancellor of the Exchequer urging him to take swift action to help homebuyers – particularly younger would-be homeowners.

The BSA has suggested to George Osborne that there is an opportunity for the money that is being raised by the Government from the sale of the NS&I 65+ Pensioner Bonds, which are estimated to reach £15bn by the current closure date of 15 May, to be used to off-set the initial investment in housing projects.

Specifically, it has suggested that this money could make a lasting difference if it was used as seed funding for perpetually affordable housing developments using a model such as a Community Land Trust

Robin Fieth, chief executive of the BSA said. “Using the money raised from the Pensioner Bonds to make affordable housing available to young people seems a neat way for a scheme that benefits those 65 and over, to also help younger people who face such a chronic shortage of affordable housing.”

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