Does Homeownership Matter in United Kingdom?
With the recent appointment of housing minister Grant Shapps, the government of the United Kingdom is foreseeing positive changes in the housing industry. As he mentioned in one of his speeches, the government should be more supportive of its constituency when it comes to their dream of owning a property. For him, the people deserve to have the opportunity of living under a room that they can proudly call their own. Upon his ascension to his current position, he plans on abolishing what the previous government has implemented which does not prioritize home ownership. For him, people will be more motivated to produce better results in general if they feel secure about having their own homes.
He also reminded the people of the United Kingdom that in order for this to be achieved, the people should display responsibility when borrowing money so that the lending institutions would be more lenient in lending approving mortgage applications. This means that people should be conscious of their expenditures and be dedicated in keeping a good credit rating so that lending institutions will have no reason to decline their mortgage applications.
Shapps is encouraging the government to develop more house-building and local housing projects to give more hope to those who are aiming to buy their own property. Unfortunately, the government no longer has enough funds to follow through affordable housing plans in the near future. The economy is just too unstable to devote time and money to a single portion of it and doing so without sufficient funds as of the present, he aims to dispose of on-going projects which are not beneficial to the country and replace them with beneficial ones. The list includes social tenants buying a house upfront or has a joint-ownership with the landlord as well as rent-to-buy systems which will give them the opportunity to purchase the house in the long run for their own.
This is also in reference to most landlord's dissatisfaction about the previous government's projects which includes their taxes increasing as much as forty per cent. One surprising part of Shapp's speech was his confirmation that there are currently no funds to spend for cost-effective housing. Leaving this situation to be supported by the private sector could be a risk rather than an opportunity for improvement.
To sum it all up, with Grant Shapps spearheading the development of more housing projects and encouraging the government to be more supportive for house ownership, there is hope for most aspiring homeowners. And for house buying companies to be true to their word when they say to public we buy your house fast. But then again, it will take time before things change for the better.