The British Property Federation says government should encourage a private rented sector to boost number of homes

The British Property Federation has urged the government to scrap the affordable housing lottery as the system is still failing those in dire need.

Currently less than half of the affordable homes that the government has admitted are needed are being built each year.

Numbers could be boosted with investment by private companies and institutions and so the BPF has set out a housing manifesto called Letting in the Future as a guide for policymakers on how best to woo potential investors.

The BPF have said that, through measures which encourage institutional investment such as stamp duty and VAT changes and the introduction of unlisted or AIM-listed REITs, there is an opportunity to create a better private rented sector.

BPF residential director Ian Fletcher said: “At the moment, provision of affordable housing falls well short of what is needed and finding a home has become a lottery for people who desperately need one but can’t afford to buy."

"A significant expansion of rented accommodation by commercial developers and larger investors would help thousands of such families, young couples and individuals who are currently living with relations, or in overcrowded or unsuitable accommodation.”