Gov't pledges 1.1 million new homes

Besides the 1.1 million new homes pledged by 2016, the government has also pledged resources to allow up to 300,000 local authority and housing association tenants to buy shares in their properties. Another 10,000 social homes will be built every year, according to the Office of the Deputy Prime Minister. Key workers and lower income earners will be targeted by a process of subsidies focused on keeping construction costs at or below £60,000 per unit. The 5-year plan for home ownership has been joined by the announcement from deputy prime minister John Prescott of a Householder Deve...