Property prices likely to double in 'broken' market
The price of a home in England is likely to double over the next 10 years to around £446,000 unless stronger action is taken to tackle the "broken" housing market, charity Shelter has warned.
Shelter calls for 'national housing investment bank'
A "national housing investment bank" should be introduced to help housing providers build more homes in order to fix England's "broken" market, charity Shelter has recommended.
In their report Building The Homes We Need, co-authored with KPMG, they said:
- The investment bank would provide low cost, long-term loans for housing providers.
- It said the bank could also offer special savings accounts, such as "housing Isas" to raise finance from retail deposits.
- Local authorities should be encouraged to create "new home zones" which could contain over 8,000 extra homes each year, by selling of land at a cut price to developers on the condition low cost housing is built on it.
- The report also suggested that developments could be speeded up by charging council tax on homes that should have been built after a reasonable period for their construction has passed.
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