Social Housing Cuts To Leave 200,000 Homeless
Proposed cuts in finance by the government (following the Emergency Budget on the 22nd June) to UK housing associations could make over 200,000 homeowners homeless…
Since the Budget, the government has revealed plans to cut funding to 10 of the associations it supports – a decision which the National Housing Federation fears will cause thousands of homeowners to fall into arrears with their rent and mortgage payments.
For the time being, the Treasury has agreed to reduce this cut by around £400m; however experts are still concerned that this cut won’t be enough to protect homeowners. Especially when the governments other initiatives to reduce the country’s debt are acknowledged…
During the Budget the government also announced plans to scrap the Tenant Services Authority. However, thanks to an intervention by the Treasury (following concerns by the Chancellor over the £50bn that is currently being held by these associations), this has been halted.
And this is a good thing too…
With the majority of this money, believed to be ‘bank borrowing’, over the next 5 years, these associations are expected to raise a further £20bn for social housing whilst refinancing £5bn of existing debt.
Related posts:
- Social Housing To Fall 65%
- Social Housing List To Swell
- Shapps announces radical overhaul for social housing
- Housing Benefit cuts may increase homelessness
- Housing benefit cuts could mean a “recipe for destitution”
Tags: property owners
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