Government pledge £5 billion boost for housebuilding schemes

The Tories have just pledged £5 billion of public money to increase house building following Theresa May’s calling for an end to the ‘house deficit’ in the UK.  The announcement was revealed by chancellor Phillip Hammond who has said that £2 billion of new public borrowing will be set aside to fund an Accelerated Construction Scheme to make public land with planning permission be available for sale to builders.

The other £3 billion will be set aside for a home building fund and will be used to provide loans to stimulate new building projects where finances are tights.  The Chancellor said the funds would allow builders “to build more houses, more quickly, in the places people want to live.”

Previously, the problem was smaller home builders had been frozen out of the market due to the lack of bank funding since the financial crisis. The £3 billion set aside for loans is, therefore, music to the ears of family run and small builders across the UK, giving them the ability to compete with larger building firms.

Ministers also unveiled new reforms to the planning system, with a “de facto” presumption in favour of brownfield housebuilding to drive up density and provide a targeted 21,000 homes by 2021.

A new scheme to convert unused offices into homes is also expected to deliver 4,000 homes by the end of 2021 while local authorities will be given the power to grant “permission in principle” on sites suitable for housing development.

Michael Inman, Managing Director of FrameFix, a UK leader in window fixing brackets and window component manufacturing, says:

“Following the gloomy few months after Brexit, this announcement has provided a breath of fresh air to the building sector. It is without a doubt, that for the housing market this is a welcome new initiative.”

Chancellor Hammond said: “We’ll use all the tools at our disposal to accelerate house building and ensure that, over time, housing becomes more affordable. That is why we are committing £2 billion of additional investment towards this… So, my message today is clear: it’s time to get building.”

The plans are intended for builders to utilise quicker, more modern building techniques to deliver homes twice as quickly as conventional builders.

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