Action must be taken in next week’s Budget to address the growing issue of housing supply, according to the Home Builders Federation.
The house-building sector has been hit particularly hard in the past year, with planning permission figures continuing to decline and the number of first-time buyers dropping significantly.
The body, whose members represent more than 80% of new houses built in England and Wales, state the government must take a number of measures to ease the housing supply issue and create jobs.
These include seeking the release of public sector land from central and local government for development, and the reduction of regulatory costs being imposed by central and local government, which are making many potential housing sites unviable.
Stewart Baseley, executive chairman of HBF, said: “This is a critical Budget for the government if it is serious about its commitment to increase housing supply and boost the economy. House-building can be a crucial driver in creating jobs and investment. By tackling the record low levels of construction and our current housing crisis, we could create 200,000 jobs a year.”
Other measures the HBF wants the Budget to tackle include the introduction of a replacement for the HomeBuy Direct shared equity scheme to assist first-time buyers unable to access the housing ladder, and the introduction of tax incentives for a FTB deposit savings scheme.
james.a.kenny@estatesgazette.com
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