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10 Mar 08 - Investors 'Key' To Home Target Bid
The Government has been told that it will struggle to meet
its target of building three million new homes by 2020 unless
it works with private investors and councils.
The claims were made by the All Party Urban Development
Group, which said that local authorities need support from
the newly created Homes and Communities Agency (HCA), if
the housing target is to be met over the next 12 years.
The group said that while private sector landlords will
have a vital role to play in delivering more homes across
England, individual buy-to-let properties would not make
up the shortfall.
Instead it said the Government needed to do more to look
at encouraging long-term, professional institutional investors.
It highlighted the fact that professional rented developments
are common in countries such as the US and Switzerland,
and added that institutional investors are well placed to
build and manage large quantities of affordable, good quality
homes.
Clive Betts, chairman of the All Party Urban Development
Group, said: "More needs to be done to attract long-term
professional institutional investors into the private rented
sector. Otherwise the number of homes will fall considerably
short of the mark."
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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