State may buy local homes to build new cities
Deputy Prime Minister Nick Clegg suggested yesterday that the government might buy houses from owners who think that prices could be slashed by the building of new garden cities.
Speaking on rural-themed BBC programme Countryfile, Nick Clegg said that the government might choose to “guarantee the price of their home by buying it, if you like, up front”
The Liberal Democrat leader said that the government was trying to “go the extra mile to allay those concerns of people who feel that their property or the price of their home might be affected.” Clegg gave no indication of how many homes such a policy might mean the government would have to purchase.
The Lib Dems have pushed for new towns and cities to be built, promoting access to the £1bn large sites infrastructure fund for proposals that would ensure at least 15,000 new properties.
Late last month, Lib Dem chief secretary to the Treasury Danny Alexander said that the UK should be aiming to build 300,000 homes each year to address the country’s chronic supply shortage.
However, construction began on only 133,650 properties in England during the year to March, where the vast majority of the UK population lives. Developers have also expressed scepticism at lofty targets for house building.