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News - Brown promises three million more affordable houses
Update 14th February 2008 - The Association of British Insurers warned that a third of the three million new homes the government have planned will be built on flood plains. Flood plains act as a natural overflow for many rivers in the UK and have traditionally been avoided by developers. However increasing pressure to build more homes combined with a shortage of available land means that an increasing number of new builds are on these low-lying areas. It's thought that these new developments could prove prone to seasonal flooding and the fear is that as the effects of climate change worsen, the new properties may prove expensive or difficult to insure. In 2007 UK insurers paid out £3 billion in claims related to the floods in the west and north of England. Update 6th November 2007 - In the Queen's speech today, Gordon Brown reiterated the Government's desire to make housing more affordable. The proposal includes new 'eco' towns and building 100 new extra homes a day. July 11th 2007 - Prime Minister Gordon Brown revealed his plans to make the problem of the shortage of affordable homes 'a national priority'. The Government intends to release 550 publicly-owned brownfield sites for housing development, update the planning system and help local authorities to provide cheaper housing. He revealed plans to build three million new homes by 2020 - this is up 250,000 on the previous target. The Prime Minister said he would increase the target for new homes from 200,000 to 240,000 per annum by 2016 The government is also planning on introducing a new system of 'covered bonds' to enable lenders to finance cheaper fixed-rate mortgages. More Financial NewsHouse prices up - Demand downWealth Gap biggest for 40 yearsInterest rates rise to 5.75 per centImportant Checks Before You Sign Up For a LoanGetting a Loan when you have a bad history 'more difficult' say Lenders
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