Kent residential developers Regalpoint has urged the Government to do more to help builders meet housing targets as well as encourage first-time buyers to get on the property ladder. Latest Government figures have shown that the number of new homes started in the first three months of 2008 has slumped dramatically by 24 per cent compared to 12 months ago. The drop is further evidence of the impact of the credit crunch and the continuing problems in the mortgage market.

The Government has pledged to deliver three million new homes by 2020 but many industry experts, including Sevenoaks-based Regalpoint, believe this is under threat by the softening of the housing market making it harder for developers to shift newly built units. Prime Minister Gordon Brown has announced a package of measures to help revive the market including extending the Homebuy Initiative, which allows first-time buyers the chance to own a share of a house rather than buying it outright. A further £200million has also been promised to buy unsold new homes. However, Regalpoint Managing Director Tony Porter believes more needs to be done.

He said: “We are being encouraged to build more houses and meet Government targets to accommodate a longer living population and increased immigration, particularly in the south east. “However, very little seems to be being done to facilitate this, especially in the current tough financial climate. The Government’s latest proposal to buy unsold new homes is fine in theory but £200million across the whole of the UK is very little in reality. “Of more assistance would be a review of stamp duty thresholds and planning policy, which at present is inflexible and antiquated. A sensible review of land release and greenbelt policy would also help stimulate the market.

“It is no wonder the number of new homes being started is down in the first quarter of this year as there is very little to encourage builders to plough more money into developing new sites.”

To find out more about Regalpoint visit the website www.regalpoint.co.uk or call 01732 450184.