Cash injection for homes promised
The 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 £44 billion housing programme, the chancellor confirmed a £500 million injection into the Housing Infrastructure Fund in a bid to build 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.
The Chancellor also announced measures that could see local councils transform their struggling high streets and commercial buildings into housing – with £675 million of funding earmarked to support councils. Furthermore, Mr. Hammond pledged further support for SME housebuilders with up to £1 billion 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,” Jade Greenhow, operations director at Insight Data, said.
“In many cases, these councils have the necessary land but lack the capital to invest in vital infrastructure to support the building of new houses. Without it, communities cannot thrive, and further strain is placed on already stretched local resources. This new funding will not only allow local councils to strategically plan ahead and invest in infrastructure earlier but will provide greater scope for SME housebuilders to compete against their national competition.
“Nonetheless, this is once again fantastic news for the fenestration and construction industries with this new funding unlocking new land and creating new, valuable opportunities for businesses across the industry. 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.”
As part of Insight’s five key databases, the firm holds up-to-date contact details and business information for housebuilders and main contractors – making up its ‘Construction File’.