Scrappage of new homes 'could mean more opt for flats to rent in London'
More first-time buyers may be looking at flats to rent in London due to a lack of new houses in the capital and across the UK, which one expert suggested can only be reversed with the creation of a new planning system.
Steve Turner, head of communications at the Home Builders Federation, stated that the scrapped regional spatial strategies represented a key part of the previous government's system and will need to be replaced in order to ensure the construction of residential properties to satisfy demand.
One statistic that may deter first-time buyers and encourage them to consider flats to rent in London is found in a report published yesterday (July 19th) by the National Housing Federation, which claimed the axing of local building targets resulted in 85,000 abodes not being built.
Mr Turner indicated that how much this figure drops is dependent on two factors.
"One is how the government decides to play its planning policy and what levels of mortgage availability we see coming back over the next few months," he added.
By Charles Mackay
Published 20th July, 2010
© 2010 Estates IT Limited
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