The Confederation of British Industry (CBI) has produced a report calling all political parties to ensure that coming generations have a realistic opportunity to buy their own properties by increasing the number of new homes being built each year.<\/p>\n
Of “Housing Britain”, CBI deputy director-general Katja Hall commented \u00e2\u20ac\u0153A perfect storm is brewing in the housing market. Our research shows the national housing shortage is taking a \u00c2\u00a34 billion slice out of consumers\u00e2\u20ac\u2122 pockets.<\/em>“<\/p>\n The report highlights the fact that consumers are having to pay housing-related costs and transport costs to the tune of \u00c2\u00a34 billion every year. This is because there is a chronic housing shortage, and people are having to make the choice between living close to work or commuting. 80% of the \u00c2\u00a34 billion is related to house prices. The CBI say this is preventing young people from getting on the property ladder, and reducing the amount of money people spend in the wider economy.<\/p>\n To reduce the deficit in the housing market which is pushing prices ever higher, the CBI calls for a commitment to build 240,000 new homes every year for the next decade – that is at least double the number now. Indeed, since the millennium, 200,000 new homes was the highest reached in 4 of the 14 years, and in 2010, fewer were built than at any time since 1945.<\/p>\n Other nuggets of information in this report :<\/p>\n The CBI would also like to see 10 new towns and\/or garden cities (e.g. Ebbsfleet Valley in Kent) built by 2025, a reform of the Stamp Duty regime when appropriate to do so, financial incentives for older people to downsize, and a pipeline of land for local authorities to build on – both green and brown field sites.<\/p>\n\n