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UK needs 250,000 houses to meet demand

Staff Writer |
Countryside Properties said trading in Britain's housing market was robust, with strong customer demand, favourable mortgage lending conditions and "good political support."

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Countryside, which regenerates public land and builds houses on its own plots, said trading was aided by low interest rates and increased demand from first-time buyers supported by the government's Help to Buy scheme.

"With strong political support for more housing across all forms of ownership and moderate build cost inflation, we look forward with confidence to delivering our growth plans in 2018 and the medium term," Countryside said.

Countryside, which focuses on urban regeneration of public sector land for private homes, said completions were up 28 percent to 3,389 units for the year ended September 30.

The UK housing industry has said it needs to build around 250,000 properties a year just to meet pent-up demand, which has pushed up prices and rents, stopping younger people from getting onto the property ladder. However, this target is routinely missed.

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