CBI calls for housing market investment

According to the Confederation of British Industry (CBI), housing ought to form the main plank of this month's Budget because of the social and economic benefits.

It told Mr Osborne to shift £2.2 billion from current spending to high-growth areas such as housing, which it claims would boost the economy.

"Our measures will provide another boost for the housing market and will benefit first-time buyers, those trapped in negative equity and those looking to refurbish their homes," said John Cridland, director-general of the CBI.

He added 50,000 new affordable homes need to be built by the government in the coming years.

The call from the CBI comes only a few days after data from Halifax revealed the average cost of a home in the UK was up by 0.5 per cent during February.

For more information please click here