Funds for housing 'hot-spots'

28th July 2000 at 01:00
TEACHERS will benefit from a new pound;250 million fund to help them buy their first homes in housing "hot-spots", such as London, where they have been priced out of the market.

The money will be available over three years from 2001-2 to 2003-4 to help key workers including teachers and nurses to get a foot on the ladder.

Funding for the Starter Home Initiative, announced this week by housing minister Nick Raynsford, is part of last week's pound;43 billion comprehensive spending review which included pound;1.8bn for housing. Funding could take the for of interest-free loans or other support for first-time buyers. But the Government is likely to demand a matching contribution, either from mortgage companies or buyers themselves.

Details of how the scheme will work are not expected until October. The proposals, part of the housing Green Paper issued this year, are still officially out to consultation, but the size of the fund means it is likely to go ahead.

The escalation of housing prices in the capital has been blamed for the growing teacher recruitment crisis in London.

Log-in as an existing print or digital subscriber

Forgotten your subscriber ID?


To access this content and the full TES archive, subscribe now.

View subscriber offers


Get TES online and delivered to your door – for less than the price of a coffee

Save 33% off the cover price with this great subscription offer. Every copy delivered to your door by first-class post, plus full access to TES online and the TES app for just £1.90 per week.
Subscribers also enjoy a range of fantastic offers and benefits worth over £270:

  • Discounts off TES Institute courses
  • Access over 200,000 articles in the TES online archive
  • Free Tastecard membership worth £79.99
  • Discounts with Zipcar,, Virgin Wines and other partners
Order your low-cost subscription today