Borrow more to build more houses - Communities Secretary
The Communities Secretary, Sajid Javid, has said that the government needs to borrow money in order to build thousands of new homes.
Following his launch of an eight-week review that it is hoped will make home-buying ‘faster and less stressful’, Mr Javid said that the government can take advantage of record-low interest rates to help house-building in a market that the government itself has said is “broken”.
On the BBC’s Andrew Marr show, he said that Britain’s housing crisis is "the biggest barrier to social progress in our country today”. Almost 300,000 new homes are needed to be built each year in order to aid the shortage in affordable housing and last year just 141,175 were built.
In July, the Conservatives set up a new Housing Infrastructure Fund that put an extra £2.3 billion as they look to fulfil a pledge to build one million new homes by 2020.
Kate Webb from Shelter, said of these developments:
What the government are now talking about is exactly what they should have been talking about all along. At a time of low interest rates, borrowing for housing is a good investment for the government, but the key would be the types of houses that are actually built.
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