Kim Vernau, Chief Executive Officer, BLP Insurance, comments on the Government’s housing initiatives announced today in the Queen’s speech and how builders and local authorities can work together to double the number of new homes available in the affordable housing market:
“We need to build 200,000 houses a year in England alone to satisfy demand. Last year the total number of houses built by the private sector was less than 94,000. The top five builders are estimated to be able to satisfy only 30% of this demand so it is essential that other builders, along with Housing Associations and Local Authorities,are able to build.”
“Affordable homes must be quality builds with the requisite space, light, maintenance costs and energy efficiency requirements in built. The Government will need to ensure that there is no reduction in the amount of affordable housing available as a result of this scheme. Further, the ability of Housing Associations and Local Authorities to raise funding for building affordable housing must not be adversely affected, given that they will be selling off their assets against which the loans would be provided.”
“The “Help to Buy” measures announced today will enable thousands of people to build their own homes. The intention is that receipts from the sales of these homes will assist in building replacement affordable homes on a one-for-one basis. The objective being to effectively double the number of homes available in the affordable housing market, increasing national housing supply and providing new affordable homes for those in need from each sale.”