Liverpool mayor pledges to build 10,000 new rent-to-buy homes


Liverpool’s mayor has pledged to build 10,000 rent-to-buy homes should he win the forthcoming election, a news report in the local media has been able to reveal.

 
The mayor, Joe Anderson, has announced that he will create a new council-owned housing company to compete with private developers in order to meet the city’s housing needs. He is proposing to build 10,000 new homes over six years, make a £1bn investment into housebuilding, and create 15,000 construction and associated jobs.
 
All the new homes will be classed as rent-to-buy, meaning tenants will be able to build up a deposit for their home by paying their rent. After five, ten or 15 years depending on the individual arrangement, people will then be able to buy the home using this deposit.
 
Anderson said: "I will promise to build 10,000 new homes over six years, starting in January 2017, using a transformational rent-to-buy model. No deposit will be required, all we ask is that new owners sign up to a deal to rent the property for a minimum of five years, but they can also take ten or 15 years if they wish.
 
"We will use part of their rent and the increased value of the property over their rental period to use as their deposit. I am also seeking government involvement to take advantage of their Help to Buy initiative as this could also provide additional help although the scheme is not dependent on it."I want to get on with it, using brownfield land in the city. It’s the biggest and boldest housebuilding programme probably in Europe.
 
"It’s a scheme that meets the demand we know is there and for people coming here and it will dramatically improve the quality of housing and neighbourhoods."
 
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