Lib Dems recognise Genie innovation

Genie is delighted that the Liberal Democrats have decided to base one of their key housing policies on the Genie home purchase plan.

Today the party announced its ‘Rent to Own’ scheme. It is based on Genie, which was launched in 2011 and following a successful North East pilot, is about to expand into London.

Genie is a way to own a home which doesn’t require a deposit or a mortgage – instead, homeowners build up shares in their property over time until they own it outright.

Genie is a subsidiary of large social enterprise Gentoo Group, whose Chief Executive Peter Walls came up with the idea for the product which has received broad cross-party political support.

The Liberal Democrats’ adoption of the concept behind Genie for their ‘Rent to Own’ scheme is recognition of Genie’s strength as an innovative solution for some would-be homeowners caught up in the UK’s housing crisis.

Peter Walls, Chief Executive of Gentoo Group said:

“I am delighted that the Liberal Democrats have recognised our innovation and are aiming to make this scheme scalable across the UK. A now-proven concept, Genie has already unlocked homeownership for many that were excluded.

“We look forward to working with any future Government to deliver this as we see Genie as one of many solutions needed to address our dysfunctional housing market.

“Genie has received support across all the three main political parties and we are currently working to drive our expansion forward.”