Call for Government to extend greater support to housebuilding
Property experts have voiced concerns that the Government needs to extend greater support to housebuilding in order to boost Britain’s property market.
The comments come after new seasonally-adjusted data from HM Revenue & Customs (HMRC) revealed in recent days that residential property transactions had fallen by 1.8 per cent between August and September.
Jeremy Duncombe, Director and property expert at Legal & General Mortgage Club, has said that “an injection of activity” is needed in the housebuilding sector in order to get the market moving.
He voiced concerns that many Britons currently living in rented accommodation cannot see themselves ever being able to afford to buy, and that “intergenerational inequality” in the housing market was on the rise.
“Generation Rent [are] struggling to become Generation Buy,” he said.
“The only way we will see transaction numbers grow is with an injection of activity into the housebuilding sector that has to be led by No 10.”
Meanwhile, Stephen Wasserman, Managing Director of West One Loans, has said that commentators should not be feeling too pessimistic about HMRC’s latest figures.
“Despite today’s figures showing a slight month-on-month decrease in property transactions, it’s important to note the figures show an almost five per cent increase from the same time last year,” he said.
Mr Wasserman added that there was still “an underlying confidence in the market,” despite the political and economic uncertainty of recent times.