Autumn Budget 2018: Chancellor Aims For 650,000 New Homes With £500M Injection
Chancellor Philip Hammond, has announced further plans to increase UK housebuilding in his 2018 Autumn Budget. Following on from his announcement last year of a five-year £44bn housing programme, the Chancellor has confirmed a £500 million injection into the Housing Infrastructure Fund in a bid to unlock 650,000 new homes.
The funding, which is part of a government capital grant programme will allow local councils – particularly in areas of high housing demand, to provide additional grant funding for new infrastructure which is necessary for housing development. The cash injection comes as the Government looks to meet its target of building on average 300,000 new homes every year by the middle of the next decade.
He announced measures which could see local councils transform their struggling high streets and commercial buildings into housing – with £675m of funding earmarked to support councils. Furthermore, he pledged further support for SME housebuilders with up to £1bn of British business bank guarantees and confirmed the Government has agreed deals with nine housing associations to deliver 13,000 homes across England.
“With reports suggesting the number of houses on the market is at a 10-year low, news of further funding will certainly be welcomed both by the housebuilding sector and by those local councils who have the biggest demand for new housing,” comments Jade Greenhow, Operations Director at Insight Data.
There’s never been a better time to communicate with housebuilders, main contractors and developers and really showcase how their business can support any upcoming project or development. Investing in marketing will be absolutely key to raise your profile and ensure your business takes advantage of this fresh demand.”