UK Government Outlines Plan to Boost Housebuilding and Address Housing Crisis
The UK Deputy Prime Minister has outlined the government’s plans to boost housebuilding and address the country’s housing crisis, in a speech to the UK Real Estate Investment and Infrastructure Forum (UKREiiF) in Leeds. According to the Deputy Prime Minister’s speech, the government aims to deliver 1.5 million new homes in this Parliament, with a focus on building well-designed, decent homes for local people.
The Deputy Prime Minister acknowledged that the target is stretching, but emphasized that the government is committed to meeting the challenge. “I know that target is stretching,” the Deputy Prime Minister said. “But I won’t shy away from the challenge. It’s desperately needed after years of failure.” The government has already taken steps to create the right conditions for building, including ensuring smarter regulation for planning and pro-growth and pro-building policy.
The Deputy Prime Minister also highlighted the need for a renewed focus on social housebuilding, stating that it is essential to ensuring homes are built quickly and affordably. “I’m committed to resetting the foundations of the sector,” the Deputy Prime Minister said. “And to give the sector stability and confidence to invest in the future.” The government has made planning changes to support affordable housing and has helped councils to borrow sustainably from the Public Works Loan Board.
The government is also working in partnership with local leaders, housebuilders, and investors to deliver the plan. According to the Deputy Prime Minister, the government wants to see new players, entrepreneurs, and disruptors flourish in the housing market, including small and medium enterprises, community-led housing projects, and councils who can disrupt the market for the better. The Deputy Prime Minister also emphasized the importance of a diverse housing market, stating that it depends on a workforce that is fit for the future.
The government has announced several initiatives to support the plan, including a £3 billion commitment to support small to medium enterprises and the build to rent sector, and a £2 billion top-up funding for affordable housing next year. Additionally, the government has introduced the Renters’ Rights Bill, which aims to ban no-fault evictions and give renters more security. The Deputy Prime Minister’s speech also highlighted the importance of mayors in driving regional growth and delivering the government’s housing plans.
The Deputy Prime Minister concluded by urging everyone across the whole system to seize the opportunities presented by the government’s plans. “To investors, I say: there are an exciting array of opportunities,” the Deputy Prime Minister said. “To our housebuilders, we have listened and we’re reversing the tide to create the right conditions. But now we need you to build, build, build.” The government aims to unleash growth and opportunities by delivering on its housing plans, and to rebuild the foundations of a good life for everyone.
The speech by the Deputy Prime Minister comes as the government marks the 80th anniversary of Clement Attlee’s 1945 Labour Government, which built homes for heroes after World War II. The Deputy Prime Minister called for a similar spirit of ambition and commitment to delivering housing for all.
For more information on the UK government’s housing plans, visit the Deputy Prime Minister’s speech to UKREiiF.
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