Comments on the Autumn Statement from Steve Errington, CEO of Story Homes
“Story Homes welcomes the Government’s continued commitment to housebuilding – which has already seen the sector increase by 19 per cent in the past year with 155,000 new homes constructed
“Help to Buy has played a significant part in this growth, through making access to homeownership easier. So it is pleasing to see that the Government is looking at more innovations, through schemes such as the part-ownership and Rent to Buy programme, which will all help to stimulate homebuilding.
“With the Government’s budget for new-build homes doubling to £2 billion, we’re confident that more buyers will be able to take their first step onto the property ladder. What’s more, the provision of 400,000 new Starter Homes will help to provide more houses for first-time buyers – who are the lifeblood of the housing market.
“But where these homes are built, and any restrictions around particular housing schemes, needs to be looked at carefully. Too many restrictions may see too few sites being developed to meet the criteria for Starter Homes. If the industry cannot build enough properties, this will make a limited impact on the housing market.
“The Government needs to make sure that these schemes are viable in terms of the market value homes available for sale and the development sites which can be used for these properties, to make sure developers come on board to build them.
“Story Homes’ primary market is not first-time buyers, but any measures to stimulate homebuilding will benefit us in the long term.”