Build more homes

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Build more homes

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Please empower – please consider compelling – local authorities to invest their reserves in house building.

Around 100,000 homes built each year hardly scratches 250,000 needed to address England’s housing shortage – never mind the rest of the Kingdom.

The Prime Minister wants to help deliver “up to 70,000 new homes, including affordable housing and opportunities for first-time buyers” – nowhere near that shortfall.

House prices have largely ignored a financial crisis which has dragged down to virtually nothing the return on most other investments, including wherever the UK’s 350-odd local authorities have put their rainy-day money, estimated around £3,500,000,000.

The price of an average new home is upwards of £237,000 but assuming the tried-and-trusted guestimate of equal thirds for land, building costs and profit holds vaguely would suggest about £160,000 to put another house in the field.

How many questions does that leave, please?

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