The Tories have vowed to tackle the housing crisis, announcing a £3billlion Home Building Fund to create more than 25,000 new homes by 2020 and up to 225,000 long term.
In his speech Communities and Local Government Secretary Sajid Javid committed to boosting the housing supply – saying a failure to build new homes would be a ‘betrayal of the next generation’.
Speaking at the Conservative Party Conference in Birmingham this week, he pledged to publish a white paper on housing “later this year” and confirmed the Government’s £3 billion cash pot earmarked to tackle the supply issue.
He said: “This major package will help us build more than 225,000 new homes and will create thousands of jobs up and down the country. It will help us get more SMEs building, encourage custom-builders, and allow developers to build the infrastructure needed to support new housing.”
He also pledged to pilot a new initiative: Accelerated Construction on public land said the Government wants to ‘radically’ increase brownfield development and bring life back to empty sites, including abandoned shopping centres and disused land around the country’s railways.
Chancellor Philip Hammond told the conference that tackling the UK housing crisis is vital for economic growth.
In his speech he said: “Despite the action we’ve taken fewer and fewer young people are able to afford to get their foot on the first rung of the housing ladder and buy their own home.
“Quite simply, we’re not building enough new homes. This is a long-term challenge. But there are short-term measures we can take. And the package of measures announced by Sajid Javid is a clear demonstration of this Government’s determination to tackle this challenge.”
Housing Minister Gavin Barwell has also promised a ‘whole range of interventions’ to improve the supply of homes.
At a fringe event he vowed the Government would improve the situation by releasing land for development, reforming the planning system and addressing a lack of SME housebuilders, a lack of custom and self-build, and a lack of institutional investment into PRS.