Housing targets 'could be held back by crunch'
The government's plans to build three million new homes in Britain by 2020 are on course to fall well short barring large-scale government intervention, it will be claimed today.
National Housing Federation chief executive David Orr is to say today in his keynote speech at the organisation's annual conference in Birmingham that the reduction in the number of new homes being constructed following the onset of the credit crunch is putting Britain on course to only build 1.6 million homes by the target date.
He stated: "The climate for house building has changed beyond all recognition, for both private developers and social house builders."
Such a reduction in housing numbers could also have a major impact on London, making it even harder to buy a house.
With fewer homes being built, now may be a better time to rent than buy.
Many of the news homes planned for London are in any case being built in the wrong place, it has been stated.
Writing in the Guardian, director of policy at the National Consumer Council Jill Johnstone said the Thames Gateway, part of which is in East London, is among the areas earmarked for new home building where there is a large flood risk.
Thames Gateway includes boroughs such as Lewisham, Greenwich, and Barking & Dagenham.
Published 19th September, 2008
© 2008 Estates IT Limited
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The government's plans to build three million new homes in Britain by 2020 are on course to fall well short barring large-scale government intervention, it will be claimed today.