20 Nov

HBF calls for help for homebuilders

HBF calls for help for homebuilders

The Home Builders Federation (HBF) has said that effective action by the government can help the construction industry increase the supply of new homes.

An HBF spokesman stated that the sector has increased its capacity in recent years and was able to deliver 200,000 new homes in 2007.

However, he added, that number has plunged and the capacity has fallen due to the housing downturn seen this year.

The strength of the recovery the industry can make will depend on the government undertaking measures to raise mortgage lending or use Housing Corporation funds to buy up old homes and clear sites for work to start, the spokesperson added.

He concluded: "There is action the government can take and we need to see these changes in the pre-Budget report next week to assist and get the market moving again."

Such action may help increase the supply of new homes for first-time buyers.

The Council of Mortgage Lenders has also urged the government to use the pre-Budget statement to announce measures to increase mortgage lending.

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