With many measures in the 2017 Budget aimed at increasing the levels of housebuilding, reaction from the sector continues:
Greg Hill, Deputy Chief Executive at Hill, commented: “Today’s stamp duty cut certainly comes as positive news to first-time buyers who can now benefit from reduced tax in addition to recent boosts from the Government’s Help to Buy scheme. In London and the South East, where affordability is a key issue for this demographic, this will be particularly welcome for those purchasing under the £500,000 threshold, yet it is disappointing to see the rest of the market neglected, including second-steppers and downsizers, who will continue to find it difficult to buy a home that best fits their needs under the current stamp duty regime.”
Lovell’s Managing Director Jonathan Goring said: “We welcome the measures announced by the Chancellor today to get more homes built and assist more people into home ownership. We’re encouraged by the focus on unlocking development on potential housing sites that are now lying empty. Our own research, highlighted in the recent Localis report, suggests this could play an important part in tackling the under-supply of new homes. We’ve particularly drawn attention to the amount of public land that’s unused, which is a big issue for the wider business. Much is in areas of high housing demand and could provide sites for the new homes that are so urgently needed. We very much hope that Oliver Letwin’s review will also investigate this issue.”
Alan Brown, Chief Executive of CALA Group, said: “The five year commitment of £44bn to boost the supply of new housing is a headline grabbing figure, and a continued focus on the development of urban areas is clearly a positive, but failing to acknowledge that the green belt represents a viable source of potential new land on which to build the homes that Britain badly needs is gross dereliction of duty from this Conservative government.”
John Elliott, Managing Director of Millwood Designer Homes commented: “I was delighted to hear many of the announcements made in Chancellor Philip Hammond’s recent Budget, and was pleasantly surprised at the announcements for the housing market and the goal of making the ‘dream of home ownership a reality for all generations’. The Help to Buy scheme has been extremely effective and successful, helping over 320,000 people to buy a home. The key to this scheme is that it is secured lending. Unlike student loans which may not get re-paid, the Help to Buy product is ultimately a second mortgage, ensuring there is no drain on the public purse. This is excellent news and I am delighted the scheme has been extended.”
More reaction to the 2017 Budget can be found here.
