22 Sep

Skills crisis threatening housing market

Skills crisis threatening housing market

The lack of trained workers could be undermining the UK's supply of housing stock, according to a new report.

Research from Lloyds Bank Commercial Banking revealed skill shortages across the construction industry means the pace of housing building is impacting on the country's economy.

Lloyds Bank surveyed a wide range of figures from the industry including SME contractors and large national developers and there was revealed to be a fear about a lack of appropriately trained workers.

A total of 24 per cent said the skills shortage is the biggest challenge their business is currently facing, while 35 per cent expressed concern about not being able to fill vacancies with the right candidate.

Other issues causing a slowdown in property development included a frustration with the length of time taken to make planning decisions and a need for increased local authority support for projects.

However, 73 per cent said that recent Stamp Duty reform had had a positive impact on the market, while 63 per cent felt the government's Help to Buy equity scheme had also played a key role in alleviating any housing crisis.

"This report sheds light on the key areas of support that firms in the sector need to ensure the long term success and sustainability of the industry. Clearly, house builders are very concerned about the barriers preventing them from playing a role in alleviating the housing shortage," said Alasdair Gardner, head of house builders for Lloyds Bank Commercial Banking.ADNFCR-1222-ID-801801065-ADNFCR

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