Community Land Trusts to be included in proposed amendment to Housing and Regeneration Bill
A new method to bring down the cost of housing will be debated in parliament today.
Community Land Trusts, which take the cost of land out of house-buying in order to make it more affordable, will be included in a proposed amendment to the Housing and Regeneration Bill.
The trusts control the land, but not the buildings, on behalf of the local community. Housebuyers would only buy their home and not the land it stands on which would make the property cheaper.
The trusts have already been piloted with funding from social housing regulator the Housing Corporation.
The amendment says community land trusts must be run by the local community and serve its social, economic and environmental needs. The trusts must allow land to be developed only in a way that is beneficial to the community and must use their profits for the community’s benefit.
Housing minister Iain Wright said: "We have to constantly look at new ways to meet the long-term demand for more homes. Community Land Trusts puts local communities at the centre stage of delivering the homes our first-time buyers and young families desperately need.
"They provide an opportunity to give people the practical tools to solve the problem of affordable housing in a way that is right for the community."