A radical set of reforms are needed to boost the housing market as current policies fail to hit the mark, said Communities Secretary Sajid Javid at a conference in London yesterday.
Speaking at the Smart Cities conference hosted by The Telegraph, Javid said the government needed to implement ‘a lot more’ reforms to increase housing in the UK.
Javid described the recent initiative, announced by the government, which is a fund of £5bn to be set aside to encourage more house building as short term.
The fund will be split into two pots with £3bn ring-fenced for loans to small house builders and £2bn aimed at relaxing planning rules and encouraging alternative forms of construction such as custom-build and offsite developments.
The communities secretary said even if the government introduced measures to reduce immigration as part of its EU separation plan, there were still too few homes being built to support the level of family formation.
The government is expected to publish a white paper later this year which will spell out measures to drive up the level of housing supply.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.