Government aims to deliver 1m new homes

first_imgThe 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 of this Parliament to tackle the problem.Lewis revealed the target during an interview on the BBC’s Inside Out programme which was aired on Monday, 21 September, on BBC 1, and is still available to watch on BBC iPlayer.Talking about the Government’s house building plan, Lewis told BBC Inside Out, “By the end of this Parliament [2020], success I think would mean that we have seen a build in total of something like a million homes.”housing crisis new build homes new homes Miles Shipside 1m new homes residential property prices Brandon Lewis building new homes September 22, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Government aims to deliver 1m new homes previous nextHousing MarketGovernment aims to deliver 1m new homesThe Government has vowed to build significantly more new homes to tackle the housing crisis and curb soaring house prices.The Negotiator22nd September 20150594 Viewslast_img read more