Delivering new homes must be top priority for the government

The government must address the shortage of housing as a matter of urgency.

This is the view of The Vinden Partnership – the UK’s leading provider of project management, dispute resolution, surveying, fund monitoring and business restructuring services for the construction industry.

It follows the release of the Royal Institute of Chartered Surveyors (RICS) Residential Survey for October, which shows that housing prices are set to rise by 4.5% per year over the next five years.

The rental market also continues to see demand outstripping supply, continuing a trend from 2009. Rental growth is expected to increase to an average of just under 5% per year over the next five years.

New instructions have decreased for the ninth consecutive month.

Peter Vinden, Managing Director of The Vinden Partnership, believes that the issue is now becoming “critical” and the government must deliver soon.

“The government must do all it can to ensure that it fulfils its pledge to build a million more homes by 2020 and it needs to do so quickly.

“The number of new homes being built per year is currently around 150,000 so it has some distance to go before we are seeing the delivery of 200,000 to 250,000 homes that are urgently needed. For young people looking to get on the property ladder, this issue is absolutely critical and needs to be tackled as soon as possible.”

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