A PLAN which would use council pension funds to create investment in housing and construction has been unveiled by a group of business leaders.
The study says 300,000 extra homes could be built if local authorities pool pension holdings to invest in building shared ownership and rental housing.
Chair of the Future Homes Commission Sir John Banham said: “There is no better time to tackle the UK housing crisis. After a year-long national inquiry, the commission has concluded a housing revolution is entirely possible and will lead economic growth.
“We need to increase massively the number of quality homes being built for many years to come, but also to develop communities which enhance the quality of life for both new residents and those living in existing communities nearby. All this has to and can happen without any additional government funding.
“We strongly believe that local government can become the leader of new development once again, by using their assets and powers to create the type of mature, sustainable, mixed tenure communities that Britain needs and that institutional and international investors want to invest in. After decades on the sidelines, the time is right for local government to show real leadership and realise their potential to shape a positive future for local people by delivering strong, self-financing communities.”
Royal Institute of British Architects president Angela Brady said: “The recommendations provide an excellent starting- point for delivering a radically improved housing market. In particular, the RIBA supports the clear value that should be placed on ensuring the homes we build today meet current buyers’ needs and are fit for future generations. ”..