Will The New Housing Development Agency Carry Us Through The Current Economic Downturn
Posted by admin in News
The UK government’s much vaunted Housing Development Agency came into existence on the first of December. Its stated purpose is to ensure that the Home Sales UK market, not only survives the current financial crisis, but also comes as near as possible to, or better still exceeds the government’s own stated aim of adding three million extra Homes to the House Sales UK market in the next 10 years.
The Housing Development Agency has already recognised that there is currently a woeful lack of Home Building projects ongoing at present. It also has said that this problem is being made worse by the fact that House Buyers themselves are in desperately short supply, and those few that want to buy Homes at the moment are just too scared to make the move.
This shortage of House Buyers has caused many Builders to place their active projects on hold, and to hold back or indefinitely postpone those projects which haven’t yet started.
Everyone acknowledges that the real medium to long term problem in the House Sales UK market is that there are, in normal situations, lots more potential Home Buyers than there are Homes ready to purchase. That’s why the Housing Development Agency is keen to come up with and execute schemes to finance high quality Home development schemes all over the country, and at the same time to give people the confidence to Buy Houses again. They’re doing this by providing loans, Joint Venture Capital and Shared Equity schemes designed to assist building contractors to stay in business through the current financial crisis, and to continue to produce the quantity and quality Homes that House Buyers are going to urgently need and demand as we come out of the current financial crisis.
Additionally, there’s one more problem that’s forecast to damage the House Sales UK market in the short to medium term, and that is the growing wave of unemployment which is gathering pace inexorably right now. This is severely hammering the confidence of just about everyone who wants or needs to Buy Homes. It’s also actually going to see many House Buyers getting into arrears with their mortgage repayments, if they’re unlucky enough to lose their jobs, and this could well lead to them losing their Home due to repossession.
The new Agency therefore knows that it urgently needs to tackle this problem, and put forward a range of solutions that will allow more families to hold on to their Homes through the temporary, but nonetheless extremely tough times to come.
If they can do that, they’ll bring just enough confidence into the market, which, when added to the direct help they plan for the Home Building Sector, should hopefully keep a lot more Construction and allied workers in their jobs, and this will further boost confidence and the House Sales UK market.