During this week’s Spring Statement, Chancellor of the Exchequer, Phillip Hammond outlined several positives for the UK’s housing market. This comes as welcome news to Dacres.
The Chancellor reconfirmed the Government’s plans to oversee the construction of 300,000 homes each year. He also explained how 60,000 first time buyers have now taken advantage of stamp duty being abolished, for anyone buying their first home up to a value of £300,000, in the Autumn Budget.
Phillip Hammond said: “At the heart of our plan of building an economy that works for everyone is our commitment to tackle the challenges in our housing market with an investment programme of £44 billion to raise housing supply to 300,000 per year by the mid—2020s.”
He also said the Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million. He then highlighted how the Government is already working with 44 authorities that have bid for a share of the £4.1 billion housing infrastructure fund and highlighted that cities across England can now bid for money from an £840 million pot, to deliver on local transport priorities.
Patrick McCutcheon, Head of Residential Sales at Dacres says: “Homes and property were certainly a key feature of the Spring Statement, which is encouraging to see. It reinforces the importance of the housing market in the UK economy, as well as going some way towards addressing the housing shortages that so many parts of the country are experiencing. Ultimately anything that helps more people get on, or climb the property ladder is welcome news.”