Government aims to deliver 1m new homes

The Government announced this week that it wants to deliver 1 million new build homes in England by 2020, in an effort to tackle the growing housing crisis. The mounting supply-demand imbalance in the market is driving up both property prices and rents across many parts of the country, with new research suggesting that the average price of a residential property Britain could reach a whopping £300,000 by the end of the year, if price growth in the property market continues at its existing pace. Rightmove’s latest House Price Index revealed that the average price of a home hit a new national high of £294,834 in September, owed mainly to a lack of housing stock coming on to the market. Miles Shipside (left), of Rightmove, commented, “High demand, lack of suitable supply, and increasingly stretched affordability are leading to some extremes in market forces in different sectors and parts of the country.” The National Housing Federation estimated that 974,000 new homes were needed between 2011 and 2014 to meet demand, and in reality that figures looks likely to rise. Housing Minister Brandon Lewis said this week that the Government is determined to deliver 1 million new homes during the course…

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