It was reassuring that housing was high on the agenda for the Autumn Statement this year. News that the Government is pledging to hit a target of 300,000 new homes a year by mid 2020s is encouraging, with the additional £2.7bn pledged to more than double the Housing Infrastructure Fund to support this housing will be welcomed by the housebuilding industry and buyers.
The focus on investment to unlock land and development infrastructure to 300,000 new homes in areas of high demand is a significant step forward in helping housebuilders to deliver these much needed new homes. For developers, like Story Homes, local infrastructure is key to delivering new homes, so to see support from the Government to address this is significant.
As Hammond referenced home ownership is still impossible for many, so we welcome the news to abolish stamp duty for first-time buyers on all properties under £300,000. This will ensure that getting on the property ladder will remain accessible for many.
An important aspect of the budget is Hammond’s pledge of £34m to encourage and support training and development of construction skills, plus an additional £30m for digital courses.