The advice from the Commons’ Communities and Local Government Select Committee is based on research that shows only 110,000 new homes were built last year, while over 230,000 households develop every year.
And Clive Betts, the Labour MP who chairs the committee, believes that the Government needs to build on its current housing strategy in order to increase the supply of housing in the UK property market.
“There is no silver bullet. We have to muster all the resources we can,” he said.
“The Government’s housing strategy has made a useful start and we hope many of its measures will provide a stimulus over the short to medium term.
“But we need more action if we are to see significant long-term improvement in housing supply.”
The committee also recommended that pension funds and other investment funds should be urged to invest in property and the construction of new houses.
At the same time, it also stressed that local authorities need to have a bigger say in housing projects.
Copyright Press Association 2012