House of Commons
As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.
GOVERNMENT ACTION ON SALE AND RENT BACK AGREEMENTS
EDM #142
Tabled 04 December 2008
2008-09 Session
That this House notes the current economic crisis has caused widespread uncertainty and placed huge pressures on homeowners; recognises that as many as 55,000 homeowners to date have turned to unconventional and unregulated housing agreements such as Sale and Rent Back (SRB) agreements to ease these pressures; further notes that these arrangements often create huge uncertainty as tenancies are not guaranteed in the long term; welcomes the publication of the Office of Fair Trading Market Study Report and its examination of the problems surrounding SRB agreements; further notes the recommendations of the Office of Fair Trading to create a regulatory framework for SRB agreements and to promote consumer understanding of their risks; expresses disappointment at Government's weak response to these recommendations, pledging no more than impact assessment and consultation; and calls upon the Government to take decisive action to help struggling homeowners by implementing these measures immediately.