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Eversheds comment: Hundreds more Balfour Beatty deals needed to address UK housing deficit

  • United Kingdom

    02-03-2015

    Commenting on news that Balfour Beatty has signed a deal to construct 1,500 homes at East Wick and Sweetwater, Bruce Dear, Head of London Real Estate at law firm Eversheds, says:

    "This JV is a welcome part of the solution to the UK's housing crisis but we need hundreds more like it if we want to make any real impact in our housing deficit.

    "We also urgently need to add direct government and public sector investment to the mix.

    "The UK needs to build over 400,000 reasonably priced or rentable homes a year. It is currently only managing around 100,000.

    "There is a view that the public sector shouldn't get involved and can't solve our housing crisis. This is demonstrably wrong.

    "During the 1950s, Macmillan, as housing minister, built over 300,000 new houses a year.

    "If we add that sort of public sector boldness to private sector endeavour, we can solve this problem.

    "If not, welcome to a world where the average London house will soon cost £700k."

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