BSA: money from govt's pensioner bonds should go towards affordable housing
In advance of the Budget on 18 March, the Building Societies Association has written to the Chancellor of the Exchequer asking for urgent and concerted action to help home buyers - particularly younger buyers.
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The BSA has suggested that there is an opportunity for the money that is raised by the Government from the sale of the NS&I 65+ Pensioner Bonds, estimated to reach £15 billion by the current closure date of 15 May, to be used to off-set the initial investment in housing projects. Specifically, that the money could make a lasting difference if it was used as seed funding for perpetually affordable housing developments using a model such as a Community Land Trust.
The letter to the Chancellor also trails the launch of BSA proposals to help fix the UK's dysfunctional housing market on 16 March.
Robin Fieth, Chief Executive of the BSA, said:
"Using the money raised from the Pensioner Bonds to make affordable housing available to young people seems a neat way for a scheme that benefits those 65 and over, to also help younger people who face such a chronic shortage of affordable housing."
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