25 Feb

Calls for more new homes to be built

Calls for more new homes to be built

The government should invest more money into the construction of new homes, an alliance of housing organisations, councils and unions has said.

The 2020 Group called on ministers to provide 100,000 new homes in the UK by 2010 in a bid to strengthen the economy.

It stated that an investment of £6 billion is needed in the property construction industry in order to safeguard an estimated 450,000 job losses over the next two years.

Such steps are necessary to revive the struggling economy, chair of the group and member of the Bank of England's monetary policy committee Kate Barker suggested.

She added that the investment would represent "excellent value in terms of sustaining economic activity".

Yesterday, the government announced steps intended to improve the amount of property finance available to home buyers.

It said that nationalised bank Northern Rock will increase its mortgage lending by £14 billion by 2010.ADNFCR-1222-ID-19043623-ADNFCR

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