'Safety net' recommended for home owners

05-Mar-2008

A report published by the Joseph Rowntree Foundation (JRF) has called for the introduction of the Sustainable Home Ownership Partnership (Shop) scheme.

The scheme is a partnership between the government, lenders and borrowers and provides a cheaper form of insurance than other private insurance products that are available, which could be reassuring news for first-time buyers.

JRF has noted that if the economy were to find itself under similar circumstances to those of the housing market collapse in 1992, some 25 per cent more property owners could face repossession.

Report co-author Mark Stephens from the Centre for Housing Policy said: "Since 1995, restrictions to the state safety net mean homeowners have to wait nine months for any help. Take-up of private insurance is so low that only one-fifth of homeowners are protected."

Co-author Steve Wilcox agreed, saying that the 1995 policy is not working and that "vulnerable" mortgage holders are "more exposed to risk" than they were in 1992.

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