UK needs cross-party house building plan

The UK requires a 10-year house building plan with cross-party support to ease the nation’s supply crisis, Stephen Noakes, Council of Mortgages chairman and Lloyds Banking Group mortgages director, has urged.

Speaking at the CML annual conference, he was pleased that the Conservatives, Labour and the Liberal Democrats have recognised that housebuilding is high on the nation's agenda, as he said "It's becoming a space race in which each political party says can build more houses".

He told delegates: "You do need a 10-year plan with cross-party support.

"It is also important to recognise what we don't need to change."

Legal & General chief executive Nigel Wilson, who debated with Noakes, had already praised London's house building strategy.

He said: "I personally think former mayor of London Ken Livingston did a fantastic job.

"Current mayor Boris Johnson's team is really high quality and has carried that on.

"Other cities have to stop whinging, moaning and groaning and step up."

Noakes wants tax exemptions for developers and subsidies on land.

He said: "Our market needs to adapt to changes that we see in society.

"We are here to help people achieve their dream of homeownership but we need to recognise that this is a market where homeownership is in decline."