TNAG-0579-FCO40-712-Discussions-with-Sir-Murray-MacLehose--Governor-of-Hong-Kong-1976 — Page 120

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The original intention was to sell them only to persons already in

housing estates so as to make room in rented accommodation for others in

more need. However, after careful thought I reached the conclusion that

promotion of home ownership is such a desirable social objective in its

own right that the scheme needed broadening, and also that the financial

issues involved were so complex that considerable drive would be needed

if they were to be solved sufficiently fast.

Accordingly, after much preliminary work had been done, at the end of July I set up a working party on home ownership under the chairmanship of the Financial Secretary with the task:

firstly of working out a practical scheme for persons within

and also immediately above the income limits of eligibility

for public housing;

and

secondly to recommend how and by whom the scheme should

be managed.

Production to be undertaken by the Housing Department.

It will not be easy to devise mortgage facilities tailored to the

circumstances of people of the income ranges we have in mind, but I am

confident it will be possible. I hope that the arrangements which the

Financial Secretary's working party will devise will be the beginning of a large-scale non-profit-making scheme of home ownership within the public sector. Home ownership, with the security it offers, is clearly the goal of very many of our people. I hope therefore that this initiative will commend itself to Hon. Members and that the financial provisions that

will eventually be put to them will command their support.

The Private Sector

Private developers have a very important contribution to make to our housing situation, and I am very pleased to note their return to great activities. It looks as if for the rest of the 70's they will be completing an average of

20,000 flats each year. Hon. Members, this means that between now and 1980 the public and private sectors together should have produced new homes for about a million persons.

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