GOVERNMENT ACTION ON SALE AND RENT BACK AGREEMENTS

Early day motion 142, tabled 4 December 2008 by John Mason (Scottish National Party). Signed by 17 members.

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.

Signatures by party: Labour 5, Scottish National Party 5, Liberal Democrat 2, Conservative 1, DUP 1, Independent 1, Respect 1, Social Democratic and Labour Party 1.