Thursday, 24 November 2016

UK Housing Review Downplays Developers' Role In Crisis, Critics Say

A landmark review of the housing crisis in Britain led by the boss of one of the country’s biggest housebuilders has been criticised for downplaying the lack of homes being constructed by property companies. Just 139,030 new homes were completed in the year to June 2016, according to the ONS. However, the review, led by Pete Redfern, chief executive of housebuilder Taylor Wimpey, claimed the biggest drivers behind the decline in home ownership since the financial crisis were a fall in real incomes for potential first-time buyers, and banks tightening their mortgage lending. The review claimed that increasing housing supply “does not directly improve the home ownership rate” and will not solve the crisis. Read more on the Guardian website.

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