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UK housing industry given major boost

UK housing industry given major boost
The UK's housing industry is set to be given a major shot in the arm as the government has unveiled a range of measures designed to help out the ailing sector.

Prime minister David Cameron and deputy prime minister Nick Clegg revealed the package of investments that will not only give first-time buyers (FTBs) looking to purchase their initial home the opportunity to get a foot on the property ladder but also give the construction industry a much-needed boost. The government will provide an injection of cash as well as relaxing planning laws and lifting the requirements for developers to build affordable housing.

Ministers have stated that the range of plans will help to create 70,000 new properties along with a certain percentage that will be able to suit the budget of many potential buyers. It is not just the housing market that stands to benefit from these measures as the government is also looking to provide a boost to the construction industry. Mr Cameron has stated that the move will help to create up to 140,000 new jobs within the sector as part of a £40 billion guarantee for major infrastructure programmes.

The prime minister said: "The measures announced today show this government is serious about rolling its sleeves up and doing all it can to kick-start the economy. Some of the proposals are controversial; others have been a long time in coming.

"But along with our housing strategy, they provide a comprehensive plan to unleash one of the biggest home building programmes this country has seen in a generation. That means more investment around the country; more jobs for our people; and more young families able to realise their dreams and get on the housing ladder."

The move follows a major shake-up of government departments by Mr Cameron which saw the chief executive of London Organising Committee of the Olympic and Paralympic Games (LOCOG), Paul Deighton, being put in charge of the UK's National Infrastructure Plan. The prime minister believes that the appointment will help to substantially improve the UK's current policy and working within this sector.

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Date: 06/09/2012 15:29:45

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