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Housing industry pivotal in leading greatest ever economic comeback

Wednesday 23 December 2020

The housing sector plays a ‘unique role’ in the UK’s economy and has been crucially kept open during this unprecedented time.

Christopher Pincher, Minister of State for Housing, speaking at the Insider Midlands Residential Property Conference on 11 December, highlighted the crucial role the housing sector has for the economic recovery once the pandemic crises subsides, and stated the Government is doing everything they can to keep the sector running.

Keep the market moving

The importance of the property sector has been backed up by the NAEA Propertymark’s Housing Market Reports over the course of 2020. Throughout the pandemic, the reports have consistently shown record levels of property sales and prospective buyers, shooting past the highest level recorded since June 2004.

This activity supports not only estate and letting agents, but includes surveyors, insurance companies, mortgage lenders and removals companies. Overall commercial and residential lettings and sales supports over 240,000 jobs and adds £13 billion to the UK economy annually.

With the property tax holiday deadlines fast approaching on 31 March 2021, there is huge pressure on the whole sector who are trying to push through a record number of sales in time.

Propertymark’s campaign to #keepthemarketmoving has called on the various Governments across the UK to extend the holidays to help ease that pressure and to continue the added boost to the economy this activity provides. Encouraging agents to write to their local MP to ask them to extend the property tax holiday to put pressure on them to act.

Join the campaign

Build back greener

Pincher highlighted some of the Government initiatives in store for the Midlands region, including over £100 million to build 8,000 new homes and £84 million to build thousands more new homes on former industrial land.

Nationwide, the Government are looking to accelerate the delivery of modern methods of construction (MMC), utilising new innovative technology to build homes quicker and with more green credentials.

This includes a £30 million investment in Sekisui House and Urban Splash, who will build thousands of homes using the latest modular construction techniques from Japan. Homes built using MMC techniques are proven to be more energy efficient and can reduce heating bills by up to 70 per cent.

Making homes greener is high on the Government’s agenda, with the Green Homes Grant Scheme already in place and the introduction of the Future Homes Standard, which aims to reduce emissions from housing in the UK by 75 per cent by 2025.

Quote mark

Construction and sales have continued, we need to ensure confidence continues in all parts of the market supply chain. If we can continue to demonstrate we are making it easier to build, support the regeneration of brownfield sites, then we can maintain confidence.

Christopher Pincher

Rt Hon Christopher Pincher
Minister of State for Housing