BPF slams lack of funding for new homes
Thursday, 16 September 2010 1:00 PM
The British Property Federation (BPF) has criticised the Treasury's decision not to give financial support for new homes to rent.
It said the government has missed a "real opportunity" to support the private rented sector, help ease the housing crisis, create new jobs and reduce the budget deficit.
HM Treasury ruled out funding to increase the delivery of homes to rent in response to a consultation launched by the previous Labour government entitled Investment in the Private Rented Sector.
The BPF pointed out that nearly five million people are on council waiting lists for a home and could benefit if more private rentals were available.
"This is a real missed opportunity, but the real losers from today's announcement are not the property industry but the millions of people in the UK who just want somewhere to live," said Ian Fletcher, director of policy (real estate) at the BPF.
"With a little bit of public spending government could have leveraged in significant funding for housing from institutions."
The Federation of Master Builders has also said there are not enough new homes being built, with supply meeting only around half of the demand.
