Immigration pressures see UK house prices rocket by 20 PERCENT

Author: REBECCA PERRING

IMMIGRATION has pushed house prices up by 20 per cent over a 25-year period, Tory housing minister Dominic Raab has revealed. Theresa May’s new housing minister warned the Government not to overlook the effect the country’s growing population has had on housing, as he spearheads a drive to get more affordable homes built in the UK.

Mr Raab revealed the number of people coming in to Britain has pushed up the cost of housing by a fifth.

The leading Brexiteer said: “Based on the ONS data, the advice to me from the department is that in the last 25 years we have seen immigration put house prices up by something like 20 per cent.

“The Migration Advisory Committee is right to look at the positive impact immigration has had on the country.

“At the same time you can’t just airbrush the costs and the impact it has on housing.

“You can’t have housing taken out of the debate around immigration. If we delivered on the Government’s target of reducing immigration to the tens of thousands every year, that would have a material impact on the number of homes we need to build every year.”

His intervention comes ahead of the committee publishing a report to information the Government’s new immigration plans.

Mr Raab urged Mrs May to use Brexit as an opportunity to “revive the dream of home ownership” as he revealed his plans to see the number of new homes rise from 217,000 last year to 300,000 by 2025.

He told the Sunday Times: “We’ve really got an opportunity to revive the dream of home ownership in this country and make it a more of a reality for the nurse, the teacher, those on low and middle incomes and the younger generation.

“The key is to yank every lever we’ve got 40 per cent harder.”

Immigration from the EU is set to continue until at least 2021, under the terms of the nation’s transition deal.

Net immigration reached 244,000 earlier this year, fuelled by an influx of Japanese, South Chinese and Korean immigration.

Mr Raab’s intervention comes after Sajid Javid vowed to overhaul the housing market to give home-buyers new protections.

This will include plans to cut delays, and the uncertainty that can increase the costs of moving home.

 

Source: https://www.express.co.uk/news/uk/943474/Immigration-news-UK-house-prices-increase-uk-housing-crisis