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UK Launches New Shared Model For low Income Earners

Plans for a new national model for shared ownership have been unveiled by the Government which says it will help thousands of lower earners get onto the housing ladder.

Social tenants moving into new homes will be given the chance to buy a share and just a 10 per cent minimum initial stake will be required, cut from 25 per cent for all shared ownership homes. It will also allow people to buy their home in 1one per cent chunks, rather than 10per cent at a time.

Housing Secretary Robert Jenrick said that the package of measures follow a review of the shared ownership sector with the aim of making it easier for people to buy more of their own home and in some areas it will mean people can get on the housing ladder with deposits as low as £2,000.

“Many people want to own their home, but can’t see a route towards achieving that goal. This government is determined to help people realise that ambition and boost ownership for thousands of hard-working people up and down the country,” said Jenrick.

“Owning a home is not just about the four walls around you, it’s about investing in your family, saving for the future and putting down roots in a community. These measures announced today will mean more people, including residents living in new housing association homes, are given the opportunity to get on to the housing ladder,” he added in a report by Propertywire.

For tenants in new housing association properties, there will be an automatic right to buy a share of their home from as little as 10per cent, with the ability to increase that share over time, up to full ownership.

The Government will work with housing associations on a voluntary basis to determine what offer can be made to those in existing housing association properties, so that the new Right to Shared Ownership is extended as widely as possible.

In addition to this, further measures to make all shared ownership homes more affordable have been confirmed. This involves cutting the minimum initial stake from 25 per cent to 10per cent, giving those on lower incomes the chance to own a stake in their property.

Currently a Housing Association tenant renting a £200,000 property cannot buy a share of that property. Under Right to Shared Ownership, the tenant could buy an initial 10per cent stake worth £20,000, while paying subsidised rent on the remaining 90per cent of the property. The tenant could make up this 10 per cent stake through a £2,000 deposit and a £18,000 mortgage.

The aim is for the new model for shared ownership to be more consumer friendly and affordable and will mean people are able to buy small chunks of their home. In the previous model consumers could face a costly or lengthy process when ‘staircasing’ including high valuation fees to determine the worth of the property.

These costly fees will be made fairer and proportional and we have consulted on introducing a new streamlined valuations process to help further reduce these costs and smaller share purchases should make it easier for people to save the money required to buy additional shares, removing the need to secure mortgage finance or pay fees to the lender.

If they do need a mortgage, it will be easier to get one and lenders are being encouraged to make mortgage finance available for this.

For those ready to move on before they reach 100per cent ownership, the resales process will be streamlined to make it even easier for them to sell their home.

Source: Guardianng

Who Will Lead the Revolutionary Development in Nigerian Housing Sector

Conversations are raging over how to finally establish a lasting and realistic solution to Nigeria’s age-long housing deficit. Nigeria’s housing deficit of up to about 17 million is a constant cause for concern and even embarrassment for housing sector stakeholders, especially those who are committed to making a difference.

There are a lot of stakeholders’ forums in Nigeria. Prominent among them is the Affordable Housing Development Group, established by FESADEB Media, a company with significant impact on the Nigerian housing sector, including the annual Abuja International Housing Show, Housing Development Programs on major TVs and radio stations. On these platforms, stakeholders engage in passionate discussions about the way forward for housing in Nigeria and Africa.

But beyond these discussions, some members have tasked the group and other stakeholders’ groups in the country to move from advocacy to action. There is a new emphasis for the stakeholders to entrench their own ‘Next Level’ of ideas and implementation.

While speaking with Housing News, Fola Alade, CEO of Rapid Shelter Nigeria, charged all stakeholders to not only begin an agenda setting campaign for the government, but to also convert their passion to a portfolio of housing projects across Nigeria.

‘’Through housing, we must change the narrative of Nigeria being the poverty capital of the world. Organisations like FESADEB have over 12 years’ experience in addressing the problem of housing through their recognizable platforms, but we need a collaborative effort to hasten the pace. Housing can be a great catalyst to ending poverty in Nigeria. 75% of Nigeria’s total population live in poverty. Any policy tailored to addressing the problems of these set of people which are the majority will go a long way to tackle poverty. 75% of our budget should go into solving the problems of low income people and those living in extreme poverty,’’ he said.

Speaking further, he stated that president Buhari needs to redeem his commitment to the poor by making them the focus of his administration. But Mr Alade was quick to add that the whole buck doesn’t stop at the president’s table.

‘’He is only one man. We need to support with our own policies and projects to compliment whatever he is doing or going to do with regards to the NEXT LEVEL agenda. The only NEXT LEVEL we should clamour for is the one that will lift the poor people from their current level of poverty to a better position where they can have access to basic needs like housing, healthcare, food and education.’’

According to him, if housing is what brings humans their dignity, then it is time for Nigeria to truly step up as the giant of Africa she professes to be and provide adequate and affordable housing for its huge population.

Critical Options for Providing Affordable Housing in Nigeria

According to Alade, there are two key strategies in meeting the housing demand in Nigeria. ‘’We either decide to build for people in their poverty or create a ladder through which they can climb out of poverty into relative prosperity. So, we choose to do the later. We are going to create employment, business and industrial opportunities that will enable the poorest people in our country be productively engaged, where they will use their sweat equity to get a house. We have to be realistic and think out of the box at this critical time,’’ he stated.

For him, the unemployment and poverty situation in Nigeria can be converted into an amazing opportunity. Through their sweat equity, poor people can use what they have to get what they want.

‘’That is why we are proffering a cashless housing solution, where you don’t need to pay to get the house, but you’d rather work to get it. You can work on the farm, construction site or whatever kind of legal labour to get a house. Site labourers earn minimum of N1500 daily. In 30 days, they will earn at least N40, 000 – N45, 000. So if you are deducting N15, 000 or N20, 000 monthly, at the end of the year, they can save up to N200, 000 to N24, 0000. And that is already 20 – 25% equity contribution to a N1million house.

Corroborating his views, Festus Adebayo, the promoter of Housing Television Programs in Nigeria, also stressed that every stakeholder should recognise their areas of comparative advantage, and offer self for project enrolment.

‘’There are options of what they can do. From land contributions to providing an off-takers network, to mortgages, to building materials at wholesale prices, there are a lot of ways everyone can come in. It is not enough to complain about the government’s inefficiency. As a people we can decide to take actions. When we mobilise ourselves en masse and see our efforts begin to yield, then government can follow suit and give the necessary support. As at today, we have sample houses of 1 bedroom at N1.6m to 2 bedroom for N3m by Hydraform. With more hands on deck, we can achieve more of this,’’ he said.

According to him, Individual and collective effort is what will set the agenda even for the new government before they come-in in May

Exploiting the Minimum Wage for Housing

According to Mr Alade, the real question now is how workers can get a house from the new 30, 000 minimum wage. He said that with a monthly deduction of N10 000, which is one-third of the N30, 000, it is possible to achieve.

‘’We can deduct N300 per day, which adds up to become N10, 000 per month. In one year, a worker can save up to N120 000. This can be called a ‘per day billing’ mortgage system. Even a couple can have a combine daily payment of N750 per day,’’ he said.

Cooperatives Strategy to Generate Off-takers

Another key strategy is unlocking the off-takers option through cooperatives and unions. Once these cooperatives can come together, rally themselves to fund a mass housing project, Alade said it will be easy for the building stakeholders to act on their demands and provide more houses.

‘’We cannot continue to wait for the Federal Mortgage Bank or Family Homes Fund because it will take a lot more time before their efforts are appreciable, especially with regards to the amount of deficit that needs to be bridged.’’

To make this work, he also harped on the need for accountability and transparency in the whole processes involved in ensuring that everyone including the poorest of the poor in Nigeria have their own home. If everyone can realise their place in changing Nigeria, it is his believe that a lot can be done in the shortest time.

By Ojonugwa Felix Ugboja

‘Next Level’ and Problem of Land Title Regularization in Abuja.

Land is one of the major factors of production, which makes it a great asset; especially in Nigeria’s Federal Capital Territory, FCT Abuja. This value placement on land can explain why its title rights or lack of can often generate a lot of controversies.

The FCT occupies about 8000 square kilometres, while the Abuja city covers about 250 square kilometres of this.

The demand for land in the FCT continues to increase as more people and business move to Abuja. Since officially becoming the capital of Nigeria in 1991, most ministries moved from Lagos to Abuja. Even several private organisations have established and continue to strive to have a presence in Abuja given that it is the seat of power.

By the virtue of Section 297 (2) of the 1999 Constitution as amended and Sections 18 & 1 (3) of the FCT Act respectively has vested the entire 8,000 square kilometers of the land in the Federal Capital Territory to the Federal Government of Nigeria, and is being managed by the FCT Minister under a delegated responsibility.

But unfortunately, there was a previous practise were the FCT local government area councils were arbitrarily allocating lands to individuals and organisations without FCDA authorisation.

In 2006, the FCT administration had directed the Area Councils to discontinue allocation of land and requested that they update and forward their records of allocations for the commencement of the title regularization for thorough cleaning and validation.

To serve this purpose, a private organisation known as ACCTRIS, in partnership with FCDA was tasked to help regularise land titles that were previously given by FCT area councils.

Unfortunately, and according to our sources, the FCDA realised that this objective was not being achieved because of mismanagement. The Administration spotted some illegal allocation of papers being backdated by fraudulent ex-FCT officials and ex-Land officers at the Area Councils; fake letters of allocations and Certificates of Occupancy in circulation as well as farmers, village heads, community heads selling land in the Area Councils, thereby duping unsuspecting members of the public.

On completion of tenure, the partnership with ACCTRIS was not renewed. The FCDA has now allocated that responsibility to its department of land, now domiciled at Abuja Geographic Information Systems, AGIS, whose mandate is to provide a comprehensive, all-inclusive, state-of-the-art, fool proof, computerized, Geospatial Data Infrastructure for the FCT.

This lingering controversy has negatively impacted a lot of people, businesses and organisations. Even FCDA itself admitted that several thousands of Certificates of Occupancy (C of O) as well as Rights of Occupancy (R of O) for Federal Capital City (FCC) titles are unclaimed in the Department of Lands Administration and called on the beneficiaries to come forward with necessary documents for collection.

Obviously, there has been a lot of mismanagement and shady deals, but in the spirit of NEXT LEVEL, many Nigerians believe that government institutions for land, building and housing should be responsible stakeholders and find a way around solving this land title regularisation crisis.

President Buhari is gearing up to constitute a new cabinet that will help the administration achieve its NEXT LEVEL objectives as promised during his re-election campaign. In NEXT LEVEL, the government and its party have promised to deliver on a promise of socio-political and economic elevation for the people. It is therefore the wish of many that this land title crisis in Abuja is looked into as the government plans for the next four years.

According to some Abuja residents who spoke with Housing News, this issue has even affected access to funding for SMEs and other ventures. Some of the cases are still pending in over stretched legal battles.

Stakeholders are also calling on the government to include in its NEXT LEVEL agenda, the mandate of resolving this regularisation crisis once and for all.

By Ojonugwa Felix Ugboja

NMRC and Modern Shelter Partner to Deepen Access to Affordable Housing

The Nigeria Mortgage Refinance Company (NMRC), Nigeria’s foremost mortgage underwriter has signed a Memorandum of Understanding with Modern Shelter Systems and Services Limited (Modern Shelter),a pioneer mortgage brokerage and real estate marketing firm to leverage their respective comparative advantages to address the removal of barriers to home ownership for offtakers. These barriers include but are not limited to issues such as equity contribution constraints, access to mortgage loans and delivery of qualitative and affordable housing.

The partnership agreement, which was executed on the 25th of January 2018 will see NMRC and Modern Shelter working together towards the provision of housing finance, training, research, advisory and project structuring to increase housing stock that will drive mortgage creation and penetration in Nigeria, using alternative financing mechanisms that align with NMRC’s underwriting standards. The agreement is also expected to promote knowledge, technological transfer and support that grants Modern Shelter access to and use of NMRC’s flagship Housing Market System (HMS) as a means of mortgage prequalification and source of investment for construction finance.

According to NMRC’s Managing Director/CEO, Professor Charles Inyangete, in driving mortgage penetration and influencing housing stock development the company has invested substantial sums of money in providing and improving policy requirements and Information systems’ infrastructure that will assist market players like Modern Shelter and Brains and Hammers to make affordable housing delivery and access to finance scalable hurdles, as a result of the refinancing support that the agreement will prov
ide through NMRC’s member lending financial institutions.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

On his part, the Managing Partner of Modern Shelter Mr Abdulmalik Mahdi noted that Modern Shelter considers NMRC to be a major stakeholder and pillar in driving home ownership through mortgage refinancing in addition to innovative technology. He further stated that the partnership with NMRC would facilitate access to alternative finance investors and improve Modern Shelter’s ongoing engagement with Sterling Bank and Jaiz Bank using non-interest mortgage banking structures. He added that Modern Shelter has partnered and works closely with reputable developers such as Nigeria’s foremost housing developer Brains & Hammers Limited, Earthpoint Development Services and others to ensure availability of good and affordable housing stock for clients of different income brackets.

The Chairman of Modern Shelter, Mr. Adebola Sheidu who is also Chairman of Brains & Hammers, noted that the MoU and engagement would tie in with the proposed delivery of various projects by Brains & Hammers. The company is working to deliver over 5,000 housing units over a 5-year period across key states in Nigeria. These include, Brains & Hammers City Abuja, Jubilee Estate, Iganmu Lagos and a proposed housing spin – off of the landmark Kano Economic City project. He assured of Brains & Hammers capacity to deliver the housing stock needed to fuel this partnership.

The partnership has the huge potential of improving mortgage finance standards, particularly for the informal sector; it will also better enable NMRC’s member Banks to further create assets that will in turn drive refinance activities, add value and expected outcomes to first time home owners and attract non-interest investors into the housing and real estate sector.

MEET WITH MANUFACTURERS WHO CAN DELIVER A TWO BEDROOM BUNGALOW FOR UNDER N1.5M

Abuja International housing show  brings together a broad-based, nationwide partnership of public and private organizations and committed individuals. The organizers believe that all Nigerians should have access to high quality, affordable housing in suitable locations.

We accomplish our mission by promoting a positive image of affordable housing; demonstrating the need for affordable housing throughout Nigeria; supporting the work of state and federal housing networks to educate, communicate and advocate for affordable housing; influencing public policy and planning to enhance the supply and quality of affordable housing; encouraging the development of a supportive administrative, regulatory and financial environment; and convening key stakeholders to advance forward-looking housing policy development.

The 12th Abuja International housing show will feature THE LATEST Technology and Innovations in affordable housing delivery…….If you are a Real Estate Developer seeking Strategic Alliances or a Government Agency looking for Reliable and Trusted Partnerships……….You must attend West Africa’s Largest Housing Expo.

If you attend this year’s event, you will meet one of our EXHIBITORS from Asia, whose most recent project in Africa includes 88m2 two bedroom house for an average family. 70% of building materials used can be recycled. It is simple to assembly, it can resist earthquake of magnitude 8 and can withstand 12 mph wind gusts.

Read: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

The estimated economic life is more than 70 years. The homes boast of superior thermal insulation performance, sound insulation effect; and it can be customized according to customer preferences and shapes.

Meet with our featured manufacturer and other Exhibitors from Asia at the 12th Abuja International housing show, the Largest Housing event in West Africa……….. promoting smarter growth, sensible transportation choices, community revitalization, and open space conservation.

Abuja International Housing Show, if you’re not there, then your not there…….

by Kunle Faleti

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