The Prime Minister has called the UK’s largest developers to a summit being held today. Ms May is "laying down the challenge" to the industry to build more homes after pledging to fix Britain’s ‘broken’ housing market.
The summit announcement comes after Theresa May made housing delivery a central issue of her party conference speech in Manchester last week. She said “we simply haven’t built enough homes… As a result, prices have risen so much that the average home now costs almost eight times average earnings. And that’s been a disaster for young people in particular.”
Meanwhile, a report last week from Savills suggested at least 100,000 additional new homes are needed on top of the government's target of building 1 million new homes by 2020, in order to increase the number of people who can afford to buy a house.
The report also suggests that the ‘Help to Buy’ policy has helped to increase the quantity of houses being built but there needs to be a fundamental change to ensure that enough new homes are being built and to meet the Government’s targets.