We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Should the Government Encourage Home Ownership? Essay Sample

essay
  • Pages: 3
  • Word count: 749
  • Rewriting Possibility: 99% (excellent)
  • Category: government

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

With the current economic downfall, high unemployment rates and the economy going into a vicious recession, you’d think that the last thing the government should be concentrating on is pushing “home ownership” rates higher.

However, the social advantages in which “home ownership” is good for society certainly appears as one which the government should be backing. Among the benefits of home ownership rather than renting are:

Home ownership gives an incentive to invest in their local community. Owners are more likely to vote in local elections and volunteer for social activities.

There is also evidence that homeowners have higher “self-esteem and happiness” than renters which has a favourable effect on their productivity at work.

However, there are negative effects to “home ownership”. From an economic point of view, it’s good for those that rent because they are able to move easily to other locations where there might be more work.

Homeowners are less likely to move, especially when they can’t afford to sell their houses due to the impacts on the housing market from the credit crunch.

The reluctance from homeowners keeps unemployment high in struggling areas where business need to attract workers to make the company grow.

Nevertheless, home ownership has been critical in the retail economy by stimulating purchases such as cars and dishwashers and spurring the large scale development of infrastructure.

As more lower-income people buy homes, many of them are going to be at the financial edge, and the economi

c impact of this will show. This will make them work harder and gain more qualifications in order to

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
gain better jobs with higher salaries, which would be used to pay off their mortgage.

The government’s various home ownership schemes and initiatives aim to make more affordable homes available to first time buyers priced out of the housing market. One of these is the “HomeBuy” schemes which help buyers by subsidising part of the cost for their house.

The drop in mortgage rates has also improved the housing market slightly, with many banks following the government ordered policy to cut mortgage rates in light of the economic crisis. The government’s new policies and rules have led to an increase in homeowners with “The Daily Telegraph” estimating over 2 million new homeowners since 1997.

The government have also taken action on a number of fronts: the number of homes has increased over time making housing more affordable.

In addition to this, they have challenged the construction industry to drive down costs of houses and release more public land for development. The recently reformed “stamp duty” has also widened the opportunity to buy houses. New “shared equity schemes” from private lenders have also taken a stand.

One important part of the reconstruction of the housing market is the transformation of “matured housing estates” into mixed estates, creating sustainable communities.

There has been increased spending and investment in housing developments to the tune of “�7.2 billion” and a reduction in debt for UK homeowner which has created economic stability.

Local councils have been provided with resources and incentives to speed up the planning process. All this has enabled benefits for those with low incomes.

The Government have moved decisively to stimulate the economy and fend off a major chance of a recession or economic slowdown. The “housing market” will now almost certainly depend on the decision of “first time buyers” with over 20% of potential home buyers falling into this category.

Any stalling in this section of the market would have a significant impact on the housing industry and its decreasing property values. With first-time buyers having problems with securing deposits, the initiative offered by the government combats this problem in a sensible way.

Should the government continue to encourage home ownership? The answer, from both an economic and social point of view, is yes because it facilitates first time buyers and strengthens the “housing market” at a time when the UK economy is likely to face recession.

We can write a custom essay on

Should the Government Encourage Home Ownership? Es ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

It's Not Illegal If The Government Does...

From what I've learned about apartheid and from what I've read in the novel I have learned how this system has been able to survive as long as it did. I saw how only less than 30% of the population was able to oppress over 70% of the other population. I also understand how the poor were set into a perpetual state of poverty and anger. Plus how it all tied in together to form a mass state of panic, fear, anger, hunger and distrust. "So as a prelude whites must be made to realize that they are only human, not superior. They must be made to realize that they are also human, not inferior. " Stephen Biko Stephen Biko said this to say that no one is superior or inferior because of skin color or race. Sadly this was not the case; in this society the white man had...

Theory of Property to His Theory of...

John Locke 's labour theory of property and government has won attention from a staggering range of interpreters. Some analysts have hailed the theory as the greatest achievement of Locke's political writing, whereas others have scorned it as critically misdirected and shallow. For numerous analysts both friendly and hostile, the labour theory functions as the core of Lockean individualism, but for others the theory serves as the foundation of Locke's Communitarianism. Many critics and supporters of Locke have found his reasoning to be firm, but some admirers and some detractors have found it to be insubstantial. Therefore our task is to critically evaluate this theory in terms of explaining what it is, how the two premises are interrelated and to consider justifications for inequality and private property. Firstly what must be addressed is the problem of property. The difficulty is we don't know what initial view of property Locke was...

Quality of life and death

“Quality of life”is what most people want. However, “Quality of death”is seldom mentioned in Hong Kong.People never think about “end-of-life” care until one day they suffer from terminal illnesses or terminal conditions which are incurable. End-of-life care is defined as a care receive at the end of their lifes has a positive influence on both the patients and their families or carers.Those patients have the right to determine when to pursue aggressive treatment or withdraw life support therefore they can end their lifes with dignity and comfort. This essay aims at discussing how eolc be enhanced in Hong Kong society in mainly three ways. Government miscalculated the need of eolc In 2003, Hospital Authority closed Nam Long Hospital which was the greatest hospice caring hospital in Hong Kong. Around 200 beds for eolc were furnished there and it contributed over half of total hospice caring beds number in all public hospitals....

Popular Essays

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?