Home truths

AS the Government belatedly looks to create a new generation of jobs, it is clear that Ministers need to address the issue of housing as part of a wider recovery strategy. For, while David Cameron is looking to tweak the “right to buy” policy so that local authorities can retain the proceeds of council house sales to build new properties, there are concerns that this issue is not being given sufficient urgency.

As the National Housing Federation’s Home Truths report reveals, the problem is twofold. Young people cannot afford to save for a deposit under stricter rules on mortgage lending because wages across Yorkshire have not kept pace with rising housing prices, even taking the recent slump into account. Second, the cost of renting properties is now beyond the means of many people.

A careful balance needs to be struck. The irresponsible lending of money exacerbated the credit crunch. However the consequence is that the dearth of first-time buyers is stagnating the whole property market.

Yet, while the Government’s role will always be limited in a free market, it can look again at the issue of empty properties – Colne Valley MP Jason McCartney told the Commons that there are 11,000 empty homes on his patch at a time when Ministers want to relax planning laws. Conversely the National Housing Federation advocates the creation of more social housing and the restoration of funding to regenerate inner-city neighbourhoods across Yorkshire. That is unlikely to happen, given the parlous state of the public finances.

But accelerating plans for a new era of “right to buy” housing, coupled with some momentum on regeneration, might just give the Yorkshire economy a shot in the arm at this make or break time.