Tackling the supply crisis

by admin on September 29th, 2010

Shortfall of homes approaching a million

Increasing housing supply is critical to the UK both socially and economically. The Home Builders Federation (HBF) is calling for recognition of the important role home builder’s play in meeting people’s need for housing and jobs.

HBF estimates the shortfall of homes to be approaching a million, yet we are building fewer new homes now than at any point since the 1920′s.

The housing crisis has resulted in:

- Nearly a third of men and a fifth of women aged 20-34 living with their parents

- The average age of an unassisted first-time buyer reaching 37
- Nearly 5 million people on local authority waiting lists

- Many young people having to put off starting a family or being unable to live where they would wish for family and work reasons

Action to tackle this supply crisis will also be crucial for local jobs. Each new home built creates 1.5 full time jobs plus up to four times that number in the supply chain.

The HBF is urging people looking to move home to consider the many advantages of buying new.

HBF Executive Chairman Stewart Baseley said: “House building is a British industry success that is responsible for hundreds of thousands of jobs across the country. New homes are vital for first-time buyers and young families – and are also greener and so cheaper to run. And with customer satisfaction at an all time high, I would urge anyone looking to move house to visit their local show home. By buying new, you will be helping yourself – and a great British industryā€¯.

From → Financial News

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