Aspiring homeowners to benefit from 500,000 new homes

07-Dec-2005

John Prescott has announced plans to significantly increase the construction of new homes to ensure that more people can get on the first rung of the property ladder.

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Following the release of the pre-Budget report and the initiatives to encourage more first time buyers, Mr Prescott said that the number of new homes would have to be increased to keep up with demand.

The industry will see a 33 per cent rise in current levels of new property development, going from 150,000 a year to 200,000 a year for the next decade.

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The plans are part of an aim to meet the target of increasing homeownership levels to 75 per cent and will include incentives to encourage the use of derelict sites and disused military land.

Responding to claims that the increase will worsen problems in densely populated areas, housing minister Yvette Cooper said that they had to consider the needs of future generations.

"If we don't build the homes we need, then within 20 years less than a third of 30 year old couples will be able to afford their own homes. That is not sustainable. We need more social housing as well as new shared ownership schemes and private housing too," Ms Cooper explained.

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