Simon Hughes
Main Page: Simon Hughes (Liberal Democrat - Bermondsey and Old Southwark)
Guto Bebb (Aberconwy) (Con)
7. What steps his Department is taking to support home ownership and first-time buyers.
Simon Hughes (Bermondsey and Old Southwark) (LD)
15. What steps his Department is taking to support home ownership and first-time buyers.
The Minister for Housing and Local Government (Grant Shapps)
At the Budget, we announced the Firstbuy scheme, which will be co-funded by the Government and house builders, bring £500 million of investment into the sector and build about 15,000 homes throughout the UK. In England, those figures are £200 million and 10,000. In addition, the Government’s commitment to reducing debt is perhaps the most important thing that we can do to create stability, and recently I held a first-time buyers summit to pull together the sector and ensure that progress is made.
Grant Shapps
My hon. Friend is absolutely spot on, of course, and the scheme will do both those things. The critical difference between it and the schemes that the previous Government ran is that the person purchasing the house has to provide a deposit. In addition, the amount of money going in from the Government will be reduced to make it much better value for money.
Simon Hughes
Will the Minister ensure that all the initiatives for first-time purchase and for shared ownership are well publicised in every local authority in England, and that the new homes bonus money can be used, where local authorities agree, for the maximum number of property builds and for the maximum number of people acquiring a property—through shared ownership or outright possession—for the first time?
Grant Shapps
I am very grateful for that question, not least because I am able to congratulate Southwark on today pulling in £2.6 million from the new homes bonus. That money certainly can be used in precisely the way it is required locally, and whatever the principal concerns are for local people. It is the way to incentivise more house building, and we will make sure that it works effectively alongside the Firstbuy scheme.