Government urged to focus on rental sector |
16 2008 |
| The government has today (June 16th) been criticised for failing to invest in the rental sector as the housing crisis continues to bite across the UK. A recent report from the Department for Communities and Local Government (CLG) claimed that 50,000 new rental properties need to be built every year to meet demand. But think tank Centre for Cities (CFC) has suggested that the government's obsession with promoting the idea of home ownership has led to some damaging consequences. Director Dermot Finch said: "The government is focusing too much on home ownership, and not enough on homes for rent. "Demand for rented housing is increasing all the time – but supply isn't keeping up. Unless this changes, the young and job movers will have difficulties finding somewhere decent to live." The government has set itself an ambitious target of providing three million new homes by 2020. But Mr Finch explained that this figure will not be met unless resources are focused on delivering institutional, high-quality private rented housing. He added that the present economic climate means that home ownership schemes can put young, financially vulnerable buyers at serious risk of repossession.  |
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