Council proposes housing solutions for a changing climate

The housing market in Edinburgh is undergoing dramatic changes in response to the global economic crisis.

The housing market in Edinburgh is undergoing dramatic changes in response to the global economic crisis.

First-time buyers are struggling to get mortgages, house prices in the city have dropped for the first time in 37 years and the number of house sales is now almost half what it was this time last year.

Despite this, house prices in the city are still among the highest in the UK, making it especially difficult for people to buy a home.

This is why the Council is taking a proactive approach to help Edinburgh and the wider region to weather the financial crisis.

Recently, the Council approved its Strategic Housing Investment Plan for the next five years.

This sets out a £500 million plan to build nearly 7,000 badly-needed affordable homes, in partnership with housing associations.

Special measures to help people through the credit crunch are also being considered. These focus on key housing initiatives to maximise opportunities to build affordable homes.

We are working with housing associations to build 500 new affordable homes this year. This also helps to keep the construction industry going and people in jobs.

We are also looking at how we can help first-time buyers struggling to get mortgages, including helping people to save deposits.

And we are investigating how to help owners facing difficulties with mortgage payments through schemes such as mortgage to rent.