The Autumn Budget and new housing
Longley Concrete was recently delighted to hear of the Autumn Budget’s support for new housing developments. The document shows lots of promising signs for the construction industry that will no doubt provide opportunity for growth and development for many across the UK.
The Chancellor of the Exchequer, Philip Hammond, has set aside £15.3 billion of new financial support for house building over the next five years. To help with the ever-increasing demand for housing, these funds are expected to add 300,000 new homes to the nation each year.
House building and development was put at the centre of the Autumn Budget in a bid to help the UK’s economic issues. The state’s support of house building includes £1.2 billion for the government to buy more land and a massive £2.7 billion for infrastructure and funds committed to loans and schemes like Help to Buy.
Whilst the need to build more homes is both evident and essential, the Budget additionally sets out ways to help first-time buyers (as well as builders). Recent reports have shown how notoriously difficult it is for young people to buy a house, so this is a timely intervention.
The Chancellor understands that support for the building of new homes is ineffective if no support is given to the public to help to buy a house. One of the most notable allocation of funds in this budget was with regards to stamp duty (a tax incurred when buying a property), which will be abolished for all new buyers.
Longley Concrete welcomes the nationwide approach to encouraging new house builds and the subsequent help for new buyers to be able to get on to the property ladder. The company has supplied high-quality precast concrete products to support the construction of new properties for over seven decades now.
Alternatively, get in touch today and a member of the team will be happy to help with any of your queries. Call now on 01924 464 283.