UK government's new homes target by 2020 is all spin
Over the next few days we will hear lots of back slapping at the Labour Party conference, memories of past successes and basically get the impression that they all live in a different world. Well this seems to be the situation in the housing market with the government sticking to its forecast of 3 million new homes in the UK between now and 2020. However, is this really possible? Or is it just for the newspapers?
The truth is that even the major housing associations do not believe that the government figures are reachable without significant help by the authorities. The construction industry is currently on its knees with many firms having stopped trading and many on the verge of bankruptcy. To rebuild what was once a vibrant sector in time for the major increase in new house numbers is just not possible.
The National Housing Federation believes that a figure nearer to 1.6 million is a lot more practical and within reach, but 3 million is way out of reach at the moment unless things change dramatically. Indeed the Federation believe that is would take an extra 9 years to hit the current target meaning a target date of nearer 2029.
Share this..
Related stories
Is BP susceptible to a fall in the price of oil?
As the BP oil crisis continues, with more oil gushing from the Gulf of Mexico well, there are growing concerns about the potential liabilities this may create for the company going forward. The cumulative drop in the share price equates to a loss in value for BP of around USD100 million with the potential liability as yet uncapped. So what are the short-term liabilities for BP? In the short-ter...
Read MoreIcelandic authorities walk away from debt talks
It has been revealed that the Icelandic authorities have walked away from talks with the UK government and the Netherlands government with regards to the collapse of the Icelandic banking system back in 2008. It was just after this event that the Netherlands and UK authorities agreed a loan of $5 billion to the Icelandic authorities which was used to pay compensation to savers. However, even thoug...
Read MoreIs the UK recovery losing momentum?
The Bank of England next month has a very difficult decision to make regarding the UK economy amid signs that inflation could be coming back to life while the UK property market would appear to be stalling. Today's news that retail sales growth in the UK have now slowed to just 0.5% in the month of July is also a further hammer blow to the Bank of England and the UK government as they bid to injec...
Read MoreLloyds Bank first to test mobile phone cash transfers
While it was obvious it as going to happen at some time, the name of Lloyds Bank was not top of the list of many City traders and market observers. Even though it has been possible to check your bank account balance on your mobile for some time, no group has been brave enough to allow funds to be transferred via instructions typed into your mobile handset. Will Lloyd lead where the rest will fol...
Read MoreDo you really need a car?
As general living expenses continue to move higher and higher many people are now looking towards their car and wondering if they actually need this expensive piece of machinery as part of their everyday life. While it would be wrong to say that public transport is "up to standard" in every part of the country, there is no doubt there has been a significant improvement over the last decade. More a...
Read More