?CBI calls for increased housing construction
?The Confederation of British Industry (CBI) has called on all political parties - ahead of the 2015 ?g?eneral ?e?lection - to implement new policies that will facilitate increased construction of housing all over the country. A new report from the organisation reveals that consumers are being hit by a £4 billion from their pockets every single year as a result of housing shortages.This is because it has led to property prices increasing rapidly - and well ahead of inflation. Some £3.2 billion is accounted for by housing-related costs, while and additional £770 million has been generated in transport-related fees resulting from the lack of available property. It was noted that this is money that could otherwise go to other areas of the wider economy - and that the situation is holding back the housing market in the long term by making it very difficult for first-time buyers to get on the property ladder. The CBI argued that only increased construction activity can alleviate these negative trends - as well as ensuring greater numbers of people can benefit from economic growth. It was estimated that 240,000 new homes need to be built every single year to satisfy current levels of demand. Despite this necessity, only four out of the last 14 years have seen more than 200,000 homes have been delivered, whilst 2010 saw the lowest number of houses built than in any other year since the Second World War. Deputy director-general of the CBI Katja Hall urged all political parties to pledge that they will take action to this end - and not just from next May, but for an entire generation. "A perfect storm is brewing in the housing market," she commented, adding: "With demographic changes and demand currently dramatically outstripping supply, now is the time for action. "Political parties of all colours have made the right noises on the need for more homes, but without serious action the ambition to own a home will become more and more out of reach to ordinary people," Ms Hall continued.
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