We are at the heart of debate on the future of the housing market for Britain when they sponsored a roundtable event hosted by the housing charity Shelter, on 23 July 2012.
Stephen Smith, Director Housing and External Affairs for Legal & General Networks introduced the event, which included representatives from IPPR, Policy Exchange, Home Builders Federation and the Centre for Cities.
A new report by FTI Consulting and commissioned by Shelter, was presented.. It warns that the unique structure of the UK housing market will mean it will never be able to deliver sufficient homes and the government has a vital long-term role to play in boosting supply.
Both the right quantity and quality of housing is important for economic welfare and prosperity but for decades the supply of both private and public housing has fallen short of the level needed to match increasing demand.
The report highlights that the fixed amount of land available in the UK, the current planning system required to manage this and the long lead-in times for housing developments, impact together to impose constraints and risks on house builders. As a result, many house builders are moving into other areas such as land management rather than building new homes.
The report concludes that the Government can help to promote competition, encourage new entrants and help house builders to obtain access to long term finance in order to help boost housing supply.
Stephen Smith said, “There are simply not enough homes in the UK and the situation is getting worse. Everyone in the housing market, particularly Government need to develop and agree long term solutions for our housing needs now and for the future.”
We have also been involved with parliamentary consultations on the positive role that we have in buying housing bonds to stimulate the housing market.