The Autumn Statement disappoints as housing receives little attention
The Chancellor fails to show committment to dealing with the housing crisis
December 5, 2012
Despite the ever worsening housing crisis the Chancellor largely ignored housing in his Autumn Statement. Today he presented one of the two key annual economic announcements to Parliament and one conspicuous absence from his 50 minute speech were measures to address the shortage of housing and, more importantly, the lack of affordable homes.
The HomeOwners Alliance has highlighted the crisis in home ownership currently afflicting the UK. A recently published report, Death of a Dream reveals that home ownership in the UK peaked 10 years ago, before sliding to a point where a generation of young people face being locked out of the housing market for good. Home ownership is now at the lowest level since 1988, and this is largely due to a lack of affordability
By ignoring this most pressing of issues the Chancellor has missed an excellent opportunity to help millions of families locked out of home ownership. Mr Osborne did announce that he was committing funds to ensure the construction of 120,000 new homes. However, 50,000 of these were already announced by Nick Clegg and the rest were also already committed to. So all in all the plight of “generation rent” as well as homeowners has largely been swept under the carpet.