BUDGET PUTS HOUSEBUILDING AT HEART OF GOVERNMENT’S AGENDA

Measures unveiled in the Budget have reinforced the importance of increasing the rate of housebuilding in the UK.

Chancellor Philip Hammond, on Wednesday 22nd November, announced a series of commitments aimed at addressing the country’s housing shortage. 

He pledged £44 billion in capital funding, loans and guarantees to boost housebuilding, including an extra £2.7 billion for the Housing Infrastructure Fund, as the Government aims to build 300,000 homes a year by the mid-2020s.

The Chancellor also announced an immediate scrapping in stamp duty for first-time buyers on properties of up to £300,000, while first-time buyers will pay no stamp duty on the first £300,000 of purchases of up to £500,000 in London and other expensive areas.

There was also a commitment to focus on urban areas and planning reforms to make best use of the land to build high quality, high density homes in city centres and around transport hubs.

Adrian Bloor, Chief Executive of Bloor Homes, said:

“The Chancellor’s announcement on stamp duty is a welcome boost for first-time buyers and the housing market as a whole, and will inevitably grab the headlines.

“However, just as significant is the investment pledged towards increasing housebuilding across the UK, which is absolutely crucial if we are to deliver the number of homes needed to meet demand and enable future generations to realise their dreams of getting on the housing ladder.

“As a developer we are aiming to significantly increase the number of homes we build each year, and it is therefore pleasing to see the Government putting housebuilding at the heart of its agenda.”