Mutual Home Ownership And Affordable Housing

EDM number 497 in 2005-06, proposed by David Drew on 05/07/2005.

That this House notes the proposals in the Government's recent announcement, Extending Home Ownership; expresses concern that the provision of this particular form of subsidy to first-time buyers will not ensure that these properties will remain affordable in the long term; requests that the Chancellor and the Deputy Prime Minister consider the benefits of the Mutual Home Ownership model as devised by CDS co-operatives and supported by the Co-operative Movement which protects housing land from property speculation through the use of the US-style community land trusts, in order to provide much needed affordable housing for key workers and others on average earnings in high cost areas; recognises that this form of mutual ownership will ensure that the housing remains affordable in perpetuity at the same time as enabling the residents to build up a share in the equity; and urges the Government to support CDS co-operatives in establishing demonstration projects to provide evidence of the value of Mutual Home Ownership as an innovative solution to market failure in this vital part of the housing sector.

This motion has been signed by a total of 56 MPs.