|
The Association for Consultancy and Engineering has welcomed the government’s plans to re-invest money from new right-to-buy sales in construction of new affordable housing, as a positive move to strengthen growth in the economy.
House building has struggled during the downturn as mortgage lending has become tougher and as developers have struggled to rebalance capital balances amid lower land values. The government’s plans should help to generate activity in construction which should in turn help to generate jobs as youth unemployment rises.
ACE chief executive, Nelson Ogunshakin OBE, said: “Construction led the economy out of recession after the credit crunch. Since then financial constraints have seen the sector slip into a double dip recession, with affordable housing build starts falling to just 454 in the latest quarter. The government’s plans for new investment will help to strengthen employment, drive economic growth and provide a sustainable source of funding for house building across the country.”
-ENDS-
Notes to editors
The Homes and Communities Agency Housing Statistics released in November 2011 showed 454 new affordable housing starts in the most recent quarter. http://www.homesandcommunities.co.uk/sites/default/files/aboutus/official-statistics-release-221111.pdf
For media inquiries please contact Gavin Pearson (gpearson@acenet.co.uk) (020 7202 0255)
|