Proposal to replace 'affordable rent' with 'affordable buy'
David Cameron has announced in his keynote party conference speech that the Government will alter on-site affordable housing requirements so that developers have to develop 'starter homes' for first time buyers but will not have to provide homes at an affordable rent for those in housing need. This huge change in affordable housing/planning policy would almost certainly require legislation but is really one to watch. In particular, the impact this will have on current affordable housing viability negotiations and schemes currently in the planning process. It will also close off a major source of new stock to housing charities, in favour of instead helping "generation rent" to get onto the housing ladder and become "generation buy".
So today I can announce a dramatic shift in housing policy in our country. Those old rules that said to developers: “You can build on this site but only if you build affordable homes for rent.” We are replacing them with new rules. You can build here and those affordable homes will be available to buy. From generation rent to generation buy”