'UK housing crisis is abating under Theresa May - but more needs to be done'

The UK's housing crisis is finally abating, says Russell Quirk

The UK's housing crisis is finally abating, says Russell Quirk

Friday, February 16, 2018

The UK's home ownership problem is getting better - but much more needs to be done.

That's the view of Russell Quirk, founder and chief executive of eMoov, who spoke to Julia Hartley-Brewer after news that one in four young middle-income families now owns their own home, down from two in three in the 1990s.

Quirk said this wasn't a new issue; in fact his grandfather was writing about the problem of home ownership back in the 1940s and 50s.

However he added that there is definitely "a geographic problem" as we have become a "London and south east-centric economy."

Successive governments, Quirk said, have "come out with all this rhetoric" but done little to solve the housing deficit, and fallen well short of their house-building targets.

Things are actually getting better under Theresa May, with a slow upward trickle in house-building numbers, and the removal of stamp duty for first-time buyers up to £300,000 is going to have a positive impact.

However, Quirk said, "the Government really need to start getting their act together" and avoid the "political headline-grabbing rhetoric" to turn this into a lasting improvement.

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