Major backing given to £100K Homes delivery
Council leaders on the decision-making board of the Cambridgeshire and Peterborough Combined Authority have given their backing to accelerate the delivery of £100K Homes across the region.
A plan to rollout the scheme, which will seek to make homes available to buy at £100,000, was approved by the Board, chaired by Mayor James Palmer, at its January meeting.
The homes will be available to people who live or work in Cambridgeshire and Peterborough and who are struggling to get on to the property ladder. £100K Homes will also enable people to live close to their place of work and stay in communities where they have strong connections.
The scheme has already been identified by Mayor of Cambridgeshire and Peterborough James Palmer as a key priority alongside projects such as the CAM Metro, the University of Peterborough and major road and rail upgrade schemes.
Mayor James Palmer said: “There is already significant support among local council leaders for £100K Homes, which is very encouraging.
“The scheme is viable, and it is happening. We now want to build wide support to scale up this project as quickly as we can because we expect significant demand.
“£100K Homes will be vital. I’m determined we tackle our housing crisis head-on because we see many working people stuck in expensive private rented property, with faint hope of ever being able to afford a home of their own.
“£100K Homes will offer a genuinely affordable step on the housing ladder and an important intervention into a housing crisis which affects quality of life and is a direct threat to our economic prosperity now and in the future.”
There is a significant portion of the working population who earn too much to qualify for social housing, but equally are struggling to save enough to get on to the housing ladder. They often have little option other than renting.
Increasing house prices and rents, particularly in areas of high job and wage growth, is also forcing people further and further away from where they work as they look for less expensive housing. But that means longer journeys to work, adding pressure to stretched public transport and roads, which reduces quality of life and harms the economy. Employers will in turn also find it harder to attract people with the skills they need if housing is expensive.
These risks have been highlighted in both the Cambridgeshire and Peterborough Independent Economic Review (CPIER) and the Cambridgeshire and Peterborough Local Industrial Strategy. Finding solutions to ease the housing crisis and provide more affordable, higher quality housing options was identified in the CPIER report as an important priority.
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