Theresa May stresses importance of tackling housing deficit

Theresa May stresses importance of tackling housing deficit

Theresa May has warned house prices will keep on rising unless the housing deficit is dealt with.

The new Prime Minister has outlined the need for more housing as she aims to help young people to be able to afford their own home.

Mrs May felt that Britain needed to do more to get houses built despite numerous plans from David Cameron to provide more homes. 

“Unless we deal with the housing deficit, we will see house prices keep on rising,” the new Prime Minister stated.

“Young people will find it even harder to afford their own home. 

“The divide between those who inherit wealth and those who don’t will become more pronounced. 

“And more and more of the country’s money will go into expensive housing instead of more productive investments that generate more economic growth.”

Meanwhile, the National Federation of Builders (NFB) has urged the new Prime Minister to bring stability back to the UK.

“The sooner we have some semblance of stability the better,” added Simon Girling, National Chair of the NFB. 

“That way we can get back to focusing on building the homes our country needs, developing home-grown talent, and doing this while securing the best value for taxpayers’ money.

“Certainty will also come from clear leadership from the government, as well as an effective opposition.”

Alasdair Reisner, Chief Executive of the Civil Engineering Contractors Association, agreed that the new Prime Minister needed to ensure stability.

“The government must provide certainty on other elements of the country’s infrastructure investment pipeline. 

“After three weeks of uncertainty, the new government must hit the ground running, and commit to a bold infrastructure agenda.”

Brian Berry, Chief Executive of the Federation of Master Builders, added that Mrs May should make improving buildings an infrastructure investment priority as the knock-on benefits were huge.

“A programme to make British buildings more energy efficient would generate £8.7 billion of net benefits. 

“This is comparable to the benefits delivered by the first phase of HS2, Crossrail, smart meter roll out, or investment in new roads. 

“And unlike these large infrastructure projects, work to improve our existing buildings is not at the mercy of the lengthy and protracted planning process – work could start tomorrow.”

Theresa May has also announced the creation of the Department of International Trade which has been supported by the major five banks.

On 25th July the property development industry called on Theresa May to ease planning restrictions.

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