9th March 2015
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.”