The Government’s recently announced pledge to build new homes, more quickly, in the places people want to live, has been welcomed by John Elliott, Managing Director of Millwood Director Homes. The commitment was made at the Conservative Party Conference on 4th October, and is great news for the UK housing market, showing the strong need and demand for quality residential property across the country.
For those concerned about the direction that the market is taking, particularly following Brexit, these actions further demonstrate the Government’s long term commitment to provide 300,000 new homes each year by 2020, and should be a strong indicator and reassurance in the strength of the housing market and provide the confidence needed for the market to keep moving forward.
The announcement by Communities Secretary Sajid Javid and the Chancellor Phillip Hammond, offered three key proposals, including the launch of a £3 billion Home Builders Fund. This fund will include £1 billion of short-term funding to help small builders, custom builders and innovators, to deliver an additional 25,500 new homes by 2020. A further £2 billion will be provided for long term funding for infrastructure to help unlock a pipeline of up to 200,000 units mainly on brownfield land.
The government is also initiating an Accelerated Construction project to take direct action to deliver new homes faster on public sector land, working with small and medium sized enterprises (SMEs) to build out sites at up to twice the rate a traditional developer might take. In addition, the measures for Urban Regeneration, will build on previous policy in favour of building on brownfield land and driving up density levels in high demand areas.
John Elliott commented: “Personally, I welcome these measures and look forward to working with central and local government to help provide more new homes across the South East to help meet pent up demand. All indications are that the new build market will continue to be a priority for the UK economy and the supply of quality new homes in key locations will be supported through policy for the long-term.
“Looking ahead, I am also hoping for some relief in the punitive revised stamp duty fees implemented by George Osborne, which have had such a significant negative impact on the overall housing market, especially at the top end, in the forthcoming Autumn Statement next month.”