Everest industry news
MPs urge review of government's new homes target
13 November 2008
The government's stated target of building three million new homes by 2020 is likely to be missed as a result of the ongoing economic downturn, a committee of MPs has claimed.The Environmental Audit committee issued a report which claimed that, with the property market on the slide, greenfield sites may be developed unnecessarily unless the target is reviewed.
Given such a gloomy outlook, it would appear that there is a sound argument for homeowners making improvements - such as new conservatories or kitchens - to their homes if availability is constrained.
Tim Yeo, MP for Suffolk South, said: "Government targets for house-building are intended to make homes more affordable by increasing supply.
"But these ambitious targets were agreed in a time of economic optimism and easy credit. Clearly the assumptions on which the three million target was based must be reviewed in the current climate."
Mr Yeo has been in his current position since 1983 and is one of only 30 Conservatives to have won each of his last six elections.
