Cameron wants more home owners

Posted: 18 Aug 2006 13:13:32 GMT

Conservative leader David Cameron has set out proposals for a rent-to-own conversion scheme that the party claims would open up the property market to millions of people.

Tenants in social housing and council accommodation would have the right, under the new proposals, to switch their rent to mortgage payments.

The policy is in a similar vain to the one implemented by the Thatcher government, which allowed people to buy their council houses, and is directly linked to the rent-to-mortgage scheme launched by the Major government.

Mr Cameron stated: "There is a huge gap opening up in our country, between those who have achieved the dream of owning a flat or a home and those who although they are working and striving and earning can't see how they are going to be able to achieve that dream.

"Isn't it time to look at a scheme where we can actually say to council tenants, housing association tenants, 'why not change your rent payments into mortgage payments, so that as you pay that payment over time you will own that flat, you will own that home."

The Conservatives argue that implementing this policy will generate a whole new generation of homeowners and would form part of a larger plan to increase home ownership across the board.

Other initiatives include encouraging local communities to be more involved with the planning of new developments and delivering new affordable housing to areas of need.

Labour claimed the idea was out of date and that it didn't function under the Major government.




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