25 August 2004

Let's Encourage Home Ownership Says NZ First

New Zealand First housing spokesperson Brent Catchpole is calling for the development of convertible rent-to-own schemes to encourage more private home ownership.

Mr Catchpole’s comments follow the release of a report commissioned by the Centre for Housing Research warning of an impending crisis brought about by the significant reduction in home ownership among middle-aged New Zealanders.

“The huge increases in property prices and rising property rates have meant that many people simply can’t afford to own their own home. This has been particularly evident in Pacific Island and Maori communities,” Mr Catchpole said.

“The research predicts that by 2021, rental accommodation will be needed for an extra 60,000 older people, and we will be faced with a serious shortage of rental homes in the public sector.

“Low income earners need better finance facilities to assist them into affordable homes to help provide for their future long-term accommodation needs.

“Policy variations should be established in a housing strategy to reflect the nature of housing needs within each housing region. Zones of high housing need, such as Auckland, should have low deposit and low interest provisions made available to them.

“We also need to ensure that sufficient houses are built or purchased to address New Zealand’s current housing crisis, and that local government is encouraged to retain existing housing stock for pensioners,” Mr Catchpole concluded.

ENDS

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