The Chancellor of the Exchequer, Rachel Reeves, has outlined the Government's budget commitments, including investment to deliver against its housing ambitions.
The Home Builders Federation welcomes the announcement of Government's funding to support SME home builders and local authority planning departments, and the allocation to support the deliver of homes currently stalled by nutrient neutrality.
Meanwhile, HBF highlights that the affordability challenges facing many prospective homeowners remain unaddressed, despite it being the first time in more than half a century that there is no effective government support for first time buyers looking to purchase a new build home.
Neil Jefferson, Chief Executive of the Home Builders Federation (HBF) says: “The money to support SMEs and recruit additional planners allied to the Government’s planning reforms announced in July provide the foundations for a reversal of the decline in home building we have seen in recent years."
Jefferson adds: "After five years of political failure to address the 160,000 new homes blocked by nutrient neutrality requirements, today’s allocation of £47 million to support the delivery of up to 28,000 stalled homes is also welcome. However, if prospective buyers cannot access suitable mortgage finance, then investment in new sites and the industry's extensive supply chain will be constrained."
Jefferson concludes: “It is the first time in 60 years that there is no effective government support for home ownership and with younger households continuing to struggle to get on the housing ladder, the absence of assistance will hold back housing supply.”