7 Apr

Private investment plan backed

Private investment plan backed

A plan by the Homes and Communities Agency to increase private rental housing supply through attracting institutional investors and other long-term private investors has been backed by the Federation of Master Builders (FMB).

Commenting that this year is currently expected to see only 70,000 new homes built - the lowest figure since 1921 - FMB director of external affairs Brian Berry said: "Any plan that increases supply can only be welcomed."

However, he suggested a number of other actions can be undertaken, like cutting VAT on renovation work to five per cent to help get the 942,000 empty homes in the UK back in use.

A "wider package" of measures is the answer to the issue, he concluded.

Speaking of the body's plan, chief executive of the Homes and Communities Agency Sir Bob Kerslake said the proposed investment could be "another important way of stimulating the construction industry", as well as being a method of dealing with "housing shortages in the market-rent sector".
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