Lizz Truss ‘fails to calm housing market’

Lizz Truss ‘fails to calm housing market’

8:01 AM, 7th October 2022, About A year ago

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The Prime Minister has failed to calm growing concern about the turbulence in the housing market, a leading property association has warned.

The National Association of Property Buyers (NAPB) said she had ‘missed an opportunity’ in her speech to the Conservative Conference in Birmingham to address the fears many people have about their chances of ever owning a home.

Jonathan Rolande, a spokesman for the NAPB, said: “I am sorry to say I heard nothing to give me any hope that we’re now on a course to even begin putting right so many of the injustices built into our housing market.

“When it comes to a vision for the property and housing market, an opportunity has been missed.

“And this is a great pity.”

‘We heard nothing on property reform’

He added: “Given she was standing in front of a sign which said, ‘Getting Britain Moving’, it’s ironic that we heard nothing on property reform.

“The speech was big on big ideas and vision but small on any detail.

“This was an opportunity to calm the nerves and the markets – but it fell short.”

He says that by not addressing the issues in the housing market, the Prime Minister has signalled that ‘the status quo will carry on’ for those who are struggling to get a foot on the property ladder.

‘Disappointing to see housing was rarely referenced’

Mr Rolande said: “A speech can never cover everything, but it was disappointing to see housing was rarely referenced.

“The only mention was the recent stamp duty cut, which was targeted in the wrong areas.

“What we needed to see and hear were clearer ideas especially on how the Government will address the UK’s house supply crisis.”

He added: “A healthy property market is essential.

“What we now need in the property market following the disastrous mini-Budget is stability and balance.”

Tackling and solving issues linked to property

He says that the Prime Minister needs to remain mindful that by tackling and solving issues linked to property, the Government can also help improve schools, hospitals, transport and the wider economy.

Mr Rolande said: “A decent home, whether owned or rented, should always be a right for everyone and the Government needs to show they will deliver in this area.”

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