Significant implications for jobs and economy
The HBF is calling on Government to take urgent action now to assist the housing market and warning of the severe implications of not doing so.
It is estimated that whilst around 300,000 people are employed in building homes many more are employed either directly or indirectly in servicing the housing industry. From white collar workers such as solicitors, estate agents, mortgage brokers, insurance clerks to removals men, utility connection companies, brick, concrete and other material manufacturers, white goods and electrical providers, carpet/ kitchen/curtain manufacturers - there are a great many businesses and jobs reliant on house building and the residential property market.
Stewart Baseley, Executive chairman of the HBF said today, “We need action now to prevent widespread redundancies in the housing industry. Whilst we welcomed the £50Bn special liquidity scheme announced by the Bank of England last month we believe more needs to be done to help first time buyers in particular.
“We have suggested a range of measure that we believe would assist. If action is not taken and taken quickly, in addition to the immediate threat to jobs then the Government’s long term housing targets are in jeopardy”.
- Ends -
1. In a package of measures to Government the HBF has called on Government to:
Reduce interest rates by 0.5%
Limited length stamp duty holiday for first time buyers
Permanent rise in 1% stamp duty threshold to £250K
Get the £50Bn special liquidity package actually working
First-time Buyer Deposit Loan Scheme to assist first-time buyers to bridge the gap between prices and the amounts lenders are now willing to lend.
Reduce regulatory costs (CIL, zero carbon, Lifetime Homes)
Abolish HIP’s
Widen definition of affordable homes
Allocation of funds to allow RSL/s to purchase new homes
Mortgage interest relief for first time buyers and parents helping children on to housing ladder
For media information, please contact:
Steve Turner
020 7960 1606
07919 307 760
steve.turner@hbf.co.uk