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Hammond makes housing market his priority

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During last month’s Conservative Party Conference, Chancellor Philip Hammond announced his plans to take the focus away from the budget surplus and instead invest in the development of new homes.  Hammond spoke in light of the impact the referendum vote has had on the British economy, stating that “times had changed” and that his priority is to make affordable housing for everyone.

Details are to be announced further in November’s Autumn Statement but the Chancellor did allude to £2billion of new funding for construction on public land, as well as a £3billion Home Builders Fund; a scheme to provide developers with discounted loans and funding, as well as reduce red tape, in order to increase construction.  These proposals are to support the government campaign to build 1 million new homes by 2020, a plan discussed at the conference by Communities Secretary Sajid Javid.  It has recently been reported by Capital Economics, who ran analysis commissioned by housing charity Shelter, that without input such as these schemes, the government is expected to miss this target by 266,000 houses.

Sarah Brooks, Residential Conveyancing Partner, commented, “It’s wonderful to see the housing market being given the attention it deserves.  The market has seen a decline since the referendum decision, and while this month we have seen encouraging figures regarding the increase in supply and demand for estate agents and surveyors, we cannot become complacent that the market will improve on its own.  Putting this under the spotlight we hope to see a continuance of this confidence in the market.”

If you have any questions about buying or selling your home, you can contact the Residential Conveyancing team by emailing or visit their section of the website here.


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