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July 2015 Budget response

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  • “I was delighted to hear many of the announcements made in the housing package announced by Housing Minister Brandon Lewis ahead of George Osbourne’s emergency budget on 8 July 2015.

    Of particular interest were the plans to accelerate house building over the next five years by supporting small house builders through the Housing Growth Partnership. As a small house builder ourselves, we understand the frustrations and financial limitations that can limit growth particularly securing the required funds from the banks which can be extremely challenging and a significant restriction on house building.

    Providing mentors through the partnership will undoubtedly help provide smaller developers with guidance and assistance from experienced companies like ourselves, however unless the financial restraints are lifted by the banks, it will continue to be difficult for smaller companies to develop sites as the bigger the scheme, the more funding required.

    We are also keen to see the government’s commitment to ensuring planning permission is in place on 90% of suitable brownfield sites by 2020, as the majority of our developments are on brownfield sites. This will undoubtedly help increase the number of new homes built each year and help the government deliver its housing commitments.

    The plans to help further support first time buyers to get on the property ladder are also welcome, with plans to build 200,000 starter homes by 2020 for new buyers under 40 with a 20% discount.

    At Millwood Designer Homes, we are currently expanding our business to provide new homes for first time buyers, bringing our excellent reputation for providing high quality homes to a wider audience.

    The first development will be in Hastings later this year, where the Help to Buy Equity Loan scheme, which has been extended to beyond the original March 2016 cut off date to 2020, will be available to help new buyers onto the property ladder.”

    

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