Theresa May to call on Britain's developers to meet challenge of building more homes at Downing Street summit

Rebecca Smith
The PM is calling on the industry to build more homes
The PM is calling on the industry to build more homes (Source: Getty)

The Prime Minister has called on Britain's developers to help tackle the country's housing troubles, inviting them to a summit tomorrow.

A Downing Street source said the Prime Minister will "lay down the challenge" to the industry to build more homes in the meeting.

A host of leading developers, as well as small and medium-sized building firms, local authorities and housing associations will attend the summit, where they will be urged to help meet the nation's housing need by working with the government.

Read more: Mapped: How much London house prices have changed over the past 10 years

The meeting will also be an opportunity for those in the industry to set out what more they feel the government could, and should, be doing to help the UK's housing crisis.

Earlier this month, the Prime Minister announced a £10bn extension to the government's Help to Buy scheme, which she said meant another 135,000 people will be able to use the initiative to buy property.

Some analysts however, have pointed to the scheme as perpetuating rises in house prices, making homes less affordable overall.

Meanwhile, a report last week from Savills suggested at least 100,000 new homes are needed on top of the government's target of building 1m new homes by 2020, in order to increase the number of people who can afford to buy a house.

In London and the South East, the region suffering most significantly from the shortfall, just a fifth of households can afford to buy a new home, according to the research.

Read more: Europeans are still house-hunting in London, it turns out

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