Housing Recovery 'Critical' To Economic Health

The recovery of the housing market ‘is critical’ to the economic health of the nation, according to a new report. The CBI report – ‘Unfreezing the housing market’ – says that the government and businesses must look for long and short-term solutions to the housing crisis to both kickstart the market and ensure stability. It has called on the introduction of a mortgage indemnity guarantee insurance scheme to allow first-time buyers to take out mortgages by accessing savings from their personal pension pots to boost deposits. Long-term recommendations include the reduction of regulatory restrictions on house builders and a review of stamp duty. The report also calls on the overhaul of the planning system to make it easier to build more new housing. Download a copy of the report from the CBI website.