On Monday, I asked the new Minister for Housing, Gavin Barwell MP, what assessment he has made of the impact of the EU referendum on house building.
With uncertainty breeding uncertainty it has been revealed that house builders are reporting a loss of 40% off their market value. These companies will only continue to build and invest if they believe that the demand is still there. Falling value of these companies is a worrying sign that it is not and that there will be a fall in new house building starts.
The Minister agreed to report back to the House of Commons with an update, following his meeting with house building companies. I hope that this will happen. Too many young people are not able to buy their first home. Rent prices are rocketing and elderly couples are unable to downsize to a more manageable property. All these problems will be exacerbated if the new Housing Minister is not able to get a grip of the housing crisis and build more homes.