Councils should offer financial support to homeowners, says new report

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Councils should offer financial support to homeowners, says new report

Homeowners threatened by the credit crunch should receive financial assistance from local councils, a New Local Government Network (NLGN) report argues.

Local authorities should offer whole or partial mortgages below market rate to help prevent repossession and eviction and support first time buyers to buy locally, it says.

The report proposes a scheme by which councils could borrow money under prudential borrowing rules to help such people.

Councils should also be allowed to limit numbers of right-to-buy properties in high demand areas and get more freedom to build and invest in new properties, it suggests.

Report author Anthony Brand said that 15,000 people could be helped through the system and recommended that the government allow £2 billion for supporting it.

The report also found many people in social housing earn enough to rent in the private sector, with 261,000 households in social housing earning over £2,000 a month after tax.

Policy priorities from the Chartered Institute of Housing to help the housing sector through the credit crunch are outlined this week.

They include bringing funding from low cost home ownership schemes to a short-term mortgage rescue scheme to keep existing owners in their homes.
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