Tuesday, 01 September 2015

Pay to stay scheme to fund new affordable homes

The housing minister has pledged to put ‘every penny’ raised from increasing the rent of high-earners living in social housing into building more homes.

Grant Shapps told Parliament today that there were currently around 6,000 households in the UK with combined incomes of £100,000 or more.

Mr Shapps said: ‘That is something we intend to tackle with the pay to stay scheme.’

When asked if would consider ring fencing the money raised by the scheme, Mr Shapps said that it was unfair that people were using social housing to live in areas which many people could not afford.

‘We think that there are some tens of millions of pounds that will be available with pay to stay,’ he said

‘And with that money we will use every penny of it to provide more affordable homes for those who really need it.’

Previously Mr Shapps has said that around £56 million could be raised from charging market rents for high-earners living in social housing.

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