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28 Jan 08 - Boss Warns Of Missed Housing Target
A property company is warning buy-to-let investors that
the Government may not reach its target for new homes.
In a move which may force landlords to reassess their portfolios,
Chris Coates, the managing director of house builder Galliford
Try Homes, said issues over the planning system will ensure
supply does not meet demand.
He said: "The Government's target to build three million
new homes by 2020 has always been, at best, very optimistic.
"With the credit crunch currently affecting consumer
confidence, developers will naturally be reviewing levels
of work in progress to ensure they make the best use of
their capital.
"The Government has yet to deliver on its promises
to free up much-needed planning consents which continue
to delay the current system.
"Developers have also witnessed little reprieve from
the Government's incessant focus on density, which continues
to override a commitment to ensure developers have more
independence to meet the housing requirements of individual
regions."
But a Communities and Local Government spokesman said:
"House builders' decisions will always be based on
a range of issues, including short-term market factors."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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