At the launch of Pepper Money’s 2024 Specialist Lending Study in London, economist Trevor Williams (pictured) called for a strong focus on housing investment in the upcoming Budget.
Williams emphasised the critical state of housing infrastructure, highlighting that significant changes would be necessary to address the ongoing crisis in the sector.
As part of a discussion of the current bleak economic landscape, Williams noted that support for the housing sector would not just buoy up this important element of the economy, but would also have broader ramifications for the financial wellbeing – and therefore productivity and contribution – of the population.
Williams said: “We need to rely on growing productivity, so we need to invest in infrastructure, so one of the things that will come out of this Budget will be a refocus on infrastructure spending in the UK, across a range of areas, housing being one of them.”
He outlined the urgency of addressing the housing shortage, and the potential benefits of investment in infrastructure to stimulate the economy.
However, meeting the Government’s target of 1.5 million new homes in this Parliamentary term is, he noted, easier said than done.
Williams said: “A minimum of 300,000 homes a year needs to be built to tackle the housing crisis, a target we haven’t hit since the Second World War.”
The discussion highlighted the need for a strategic approach to investment that prioritises housing, making it a central point for the Budget.
Williams concluded by calling for an urgent refocus on the housing sector to ensure a more stable economic future for all.
