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Prescott praises Genie

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Prescott praises Genie

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

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Former deputy prime minister John Prescott has praised a housing provider's property buying scheme as a "brilliant idea" that could "make a huge national impact".

Lord Prescott gushed over Gentoo’s Genie Home Purchase Plan in his latest Sunday Mirror column.

Prescott penned: “Buying a home has just become nigh on impossible for a lot of people struggling on low incomes.

“House ownership is already at the lowest rate in more than a quarter of a century, with just 65% owning their own homes. And the number of people living in private rented accommodation has almost doubled over 10 years to 3.9million.”

Genie Home Purchase Plan is a 30-year homeownership scheme developed by Gentoo chief executive Peter Walls.

Mr Walls realised the impact expensive homes and huge deposits would have on his own children’s house-buying dreams so he came up with the idea for Genie, which would help people to buy their own home without the need for a deposit.

Since 2012, Genie has received backing from Lord Adonis in his Economic Review for the North East, former housing minister Baroness Hilary Armstrong, Lord Larry Whitty and former shadow housing minister Jack Dromney MP.

In all, 76 homes in the North East have been ‘Genied’, helping people into homeownership and the plan is looking to move nationwide.

Genie managing director Steve Hicks said: “It is excellent recognition of Genie’s potential that it has received such a positive endorsement from one of the UK’s most senior politicians.

“Gentoo’s Genie Home Purchase Plan was set up to help those who would not otherwise be able to get into home ownership.

“We have a large list of people who are waiting for Genie homes to become available and we are currently working with partners to make Genie available to as many people as possible.

“With Lord Prescott’s backing, along with that of other high-profile supporters, we hope to achieve this as soon as possible.”

To qualify for Genie, customers must be over 18 with a household income of at least £18,000 a year. 

Prescott added: “Genie Investment doesn’t receive a subsidy. It is looking to expand and is raising £60 million equity from a public/private partnership to help thousands of people on low incomes rent a home.”

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