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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.

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