UK's Vistry backs a Labour government to boost affordable housing
Reuters
Published Mar 14, 2024 12:13
By Aby Jose Koilparambil
(Reuters) - Britain's largest housebuilder Vistry expects to be able to build more homes under a Labour government, believing the opposition party would put more money into affordable housing to tackle a shortage, its CEO said on Thursday.
Housing is likely to be a key issue at an election expected later this year, as a shortage of properties is keeping prices high and alienating many younger voters who are struggling to get on the property ladder.
Vistry, previously known as Bovis Homes (LON:VTYV), has grown through acquisitions to build more homes in 2023 than its rivals. It shifted its focus last year to building cheaper homes, with most of its sales coming from partnerships with local authorities, housing associations and government providers.
"I am pretty confident that from our new-model perspective, we would be better with a Labour government," Chief Executive Greg Fitzgerald told Reuters.
"I think they (Labour) will put more money into affordable housing than the Conservatives."
Large companies rarely comment on politics in Britain, but the Labour party has worked to bolster its pro-business credentials by meeting with business leaders to better understand what they need to help grow a stagnant economy.
It has vowed to reform planning rules that are often blamed by the industry for holding back house building. The ruling Conservatives say they are also taking steps to boost housing supply.
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Written By: Reuters
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